Ownership

A Reflection on the 2026 CBS Family Enterprise Conference: Legacying TogetherFriday, April 17thColumbia Business School

A global survey of 525 family firm decision-makers across 21 countries finds that founder identity, whether Missionary or Darwinian, shapes philanthropic behavior across generations. Missionary founders, driven by social purpose, produce giving that grows stronger over time as their legacy is idealized and absorbed into family identity. Darwinian founders, motivated by competitive logic, engage in more reputational giving that can shift with other priorities. Transgenerational control intentions further complicate the picture: families focused on succession may quietly redirect philanthropic energy inward. For advisors, the implication is clear: identity, not just structure, determines whether family giving becomes a lasting legacy or a secondary priority. Read the full article, What Our Giving Says About Us, and explore the Richards & Kammerlander study in Family Business Review.

What does it truly take to advise a family enterprise? This spring break, 19 second-year MBA students set out to find the answer firsthand. Through Columbia Business School's Consulting and Advising Family Enterprises (CAFE) program, developed in partnership with the Jerome A. Chazen Institute for Global Business, students traveled across five cities and visited ten organizations, moving through Milan, Parma, Rimini, Ravenna, and Florence to meet the families and leaders behind Vibram, Barilla, Ferragamo, Nuova Energia Holding, Castello di Monsanto, Famiglia Cecchi, and Bocconi University, among others. Candid conversations on governance, succession, and legacy unfolded naturally within Italy's culture of trust and authenticity, proving once again to be the perfect classroom for this kind of relational learning.

A large-scale global study of 3,322 publicly listed firms across 32 OECD countries finds that family involvement is, on average, associated with lower market valuation, particularly when renewal investment is weak or governance rigor is unclear. While family ownership is discounted less in strong institutional environments, the valuation penalty tied to family CEOs persists across contexts. Crucially, underinvestment in R&D partially explains this performance gap, suggesting that visible, disciplined innovation is a key credibility signal to markets.For family enterprises, the message is not anti-control. It is structural: legacy, governance, and geography determine whether family influence fuels long-term value or quietly contributes to “innovation reluctance.”

This piece closes the loop on a year of Family Enterprise Insights by naming the common thread beneath our 2025 research: trust as infrastructure.

A new study by Blumentritt, Randolph, and Marchisio reframes burnout in family enterprises as a systemic issue—not simply the result of long hours, but of blurred roles, emotional labor, and constant entwinement of personal and professional identity. Unlike in traditional firms, stepping away from work may feel like stepping out of the family. The research highlights that effective recovery goes beyond rest—it requires intentional, identity-affirming experiences and collective shifts in how families structure time, roles, and expectations.

In-laws are part of the family — but what does that mean in the context of a family enterprise? This essay explores the hidden influence of in-laws on continuity, identity, and governance across generations. Drawing on research by John Rosso and perspectives from family systems theory, it challenges families to reflect on whether their treatment of in-laws is thoughtful and aligned with long-term goals, or driven by default assumptions that may unintentionally undermine connection and stewardship.

New research from Columbia University and a 2025 study in The Lancet Regional Health – Americas challenge assumptions about when Alzheimer’s risk begins. The findings show that cognitive decline—linked to cardiovascular, inflammatory, and neurodegenerative markers—can be detected in adults as young as 24. While family history remains relevant, it’s lifestyle and biological risk factors that may offer earlier, more actionable signals.This has major implications for family enterprise leadership: cognitive health isn’t just a personal issue—it’s a strategic one. In a high-pressure environment where next-gens are expected to carry long-term responsibility, fostering brain health through wellness strategies, annual screenings, and a new definition of “readiness” could shape the future of continuity planning. As Dr. Noble of Columbia University Medical Center notes, the earliest signs often go unrecognized—making proactive awareness a form of responsible ownership.

Earth Day may come once a year each April, but its call to action reverberates far beyond a single month. Corporations respond with net-zero pledges, families with tree-planting rituals, and policy leaders with bold targets. Yet behind these headlines lies a quieter, more complex force: enterprising families.

Seven days, five Italian cities, six company visits, and more than a dozen engaging sessions—the “CAFE in Italy” Global Immersion course took 16 graduate students on a deep dive into the heart of Italian family enterprises. Led by Professor Gaia Marchisio, participants met with owners, next‐generation leaders, and seasoned advisors. Stops included Barilla, Petrolifera Italo Rumena (PIR), Ascoli Bottoni, Acetaia Giusti, Ferragamo, and Frescobaldi, as well as discussions with DeAgostini, Bocconi University, Association of Italian Family Businesses, and Fideuram Intesa Sanpaolo. Students gained behind‐the‐scenes insight on succession, brand evolution, governance, and family values. The result was a vivid illustration of how tradition and innovation can combine to keep family legacies thriving across centuries.