Tech, Tradition, and Values: Transformative Paths for Family Businesses

Abstract

This article offers a perspective on the family businesses (FBs) digital transformation, particularly it examines the dynamic interplay between the peculiarities of FBs (socioemotional wealth (SEW) and sustainability values) and digital transformation and highlights possible futures. The method employed involves conducting a comprehensive literature review to synthesize existing research on digital transformation, ultimately facilitating the envisioning of the future trajectory of digital transformation within FBs. FBs constitute a significant segment of the globe's most pioneering and forward-looking enterprises. The factors that shape the future landscape of digital transformation in FBs are identified: advancement of digital technology, emergence of new generations of successors, the evolving market needs, and the increased emphasis on extended SEW. Based on the factors that will influence digital transformation, this perspective article proposes three essential pillars on which the future digitally transformed FB will rely on: extended SEW, advanced digital technologies, and sustainability values.