For family businesses across Northeast Ohio, the pressures of today’s economy aren’t just about staying profitable — they’re about staying connected. From generational turnover to evolving governance models and shifting market demands, even the most successful family enterprises are confronting complex questions:
- How do we pass the baton without dropping it?
- How do we preserve culture while embracing change?
- And how do we maintain strong family relationships while leading a business?
These aren’t just theoretical questions — they’re deeply personal, and they’re coming up more frequently. According to PwC’s 2023 U.S. Family Business Survey, only one in three family businesses have a robust succession plan, and just two-thirds report having a clear governance structure in place. The risk is real: without those foundations, even the most promising ventures can falter during transitions.
That’s where the Center for Family Business at Case Western Reserve University has focused its energy since its founding two years ago. Rather than offering one-size-fits-all advice, the center creates space for peer connection, practical learning and honest dialogue — recognizing that each business, and each family, faces unique challenges.
In just two years, the center has welcomed dozens of families into conversations that stretch from kitchen tables to boardrooms — about leadership transitions, sibling partnerships, founder legacies and the sometimes-uncomfortable realities of growth. As we enter our third year, the center’s commitment is simple: to walk alongside family businesses as they grow, evolve and write the next chapter of their stories.
Leaning on each other
Going it alone can be difficult. We’ve got dozens of members, who often lean on each other for support. Here is some of the critical advice we share with our members:
- Start succession planning early: It takes time to prepare the next generation and align everyone’s vision.
- Formalize what’s often informal: Clear governance structures prevent conflict and confusion later.
- Don’t avoid tough conversations: The longer tensions simmer, the harder they are to resolve.
- Balance tradition with innovation: Legacy matters — but so does evolving to meet new demands.
- Invest in the family, not just the business: Shared values, a clear purpose and open communication are critical to long-term success.
Warren Buffett once noted that someone is sitting in the shade today because someone planted a tree long ago.
We believe the best time to plant is now. ●
Laura Bonnet is Director, Center for Family Business at Case Western Reserve University’s Weatherhead School of Management
