Globally, the imperative for businesses to address their impact on people and the planet is evident, driven by customer and governmental expectations. The pursuit of sustainability has become a crucial aspect, akin to a social license to operate. Family businesses, often pioneers in sustainability, offer valuable lessons. Recognizing this, KPMG Private Enterprise and the STEP Project Global Consortium collaborated to explore the sustainability journeys of family businesses.
Through interviews and discussions with family business leaders worldwide, combined with insights from a global survey of 2,439 family business leaders, detailed in "The Regenerative Power of Family Businesses" report, practical experiences and performance data were gathered. These collective insights serve as inspiration for leaders seeking sustainable paths, emphasizing the integral role of family businesses in fostering sustainability.
Sustainability is a business imperative
Stakeholder capitalism is on the rise
It’s becoming clear that no company can thrive – or even survive – without paying attention to the well-being of people and the planet.
Sustainability is about creating shared value. And it’s that strong foundation that many family businesses are built on. Creating shared value for all their stakeholders is part of their DNA. And they’re bringing the concept of stakeholder value into the mainstream – for their customers, employees, communities, the environment and society as a whole.
Sustainability is also now a business imperative for long-term growth and prosperity. And for gaining a competitive advantage. Companies that fail to adapt may struggle to compete in a new, low-carbon world.
For many family businesses, the drive to sustainability is already a road well-traveled. It’s embedded in the families’ values and in their business models, and an important part of the family’s legacy because each generation is expected to pass on more than what it receives. It’s also why we believe that family businesses have the opportunity to guide the path to sustainability for others to follow.
Eight keys for unlocking the sustainability of your business
Family business leaders highlight three interconnected goals
Explore unique stories from family business leaders
Doing what’s right for generations to come
The sustainability journey is not an easy or a quick one. It takes time and the right people to support, explain and promote the initiatives and potential changes, as well as the support of the owning family, the board and the leadership team.
For many, the starting point has been to engage family members from every generation – as well as independent board members – to map out the practical steps that can be taken to weave sustainability throughout the business strategy and to do so in a way that will have a meaningful and lasting impact
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