As Gen Z begins to take ownership of family-run businesses, they bring a fresh perspective fuelled by innovation, technology, and a desire for purpose-driven work. Their digital fluency and understanding of current trends, such as e-commerce, social media marketing, and sustainability, present significant opportunities for modernizing family enterprises. By embracing these new strategies, Gen Z has the potential to not only streamline operations but also expand the business into new markets, reaching younger, tech-savvy consumers. Their focus on inclusivity and social responsibility could also enhance the company’s brand, attracting both customers and talent who align with these values.However, this transition comes with its own set of challenges. Gen Z often faces the pressure of balancing respect for the family legacy with their drive to innovate and adapt to a rapidly changing business landscape. Navigating the expectations of older generations, who may prefer traditional methods, can create tension around decision-making and leadership style. Additionally, Gen Z may feel unprepared to manage the complexities of ownership, including financial responsibility, governance, and maintaining the company culture. Finding the right balance between honoring the past and pushing for future growth is key to their success in family business leadership.Discover the best practices as Generational and small business owner advisor & expert Mary Erlain shares some of the unique challenges faced by the next generation when inheriting family businesses? How do family dynamics play and impact critical decision making such as financial expectations, navigating conflicts and so on? What are some of the common strategies to bridge the gap between the founding generation’s traditional values and Gen Z’ vision of future? Find Us OnlineMary Erlain : LinkedIn, LinkedIn, InstagramNikhil :  Website,  Linkedin, Youtube & Book