The Phenomenon of Family Businesses: A Cross-Generational Commitment to Sustainability—Attitudes and Values of the Successive Generation in Family Businesses in the Case of Austria

Research shows that the unique intertwining of family and business renders a special commitment of family businesses to long-term, sustainable thinking and at the same time affects the well-being of the individual family members. Sustainability is to be considered a core principle that ensures the survival and success of family businesses. More broadly understood, sustainability is far from being limited to utilising sustainable resources and productions only. It also involves intergenerational thinking and acting. Especially in Austria, family businesses play a crucial and indispensable role in the economy and society. Austria’s overall well-being heavily depends on its family businesses. However, recent estimates suggest that an increasing number of family businesses will not be able to find successors within the family, despite successive generations (the so-called Next Gens) displaying a high degree of awareness regarding sustainability and long-term thinking. In order to understand and consequently strengthen the future of family businesses, it is necessary to analyse the attitudes and values of Next Gens. A common theme among Next Gens is their desire to be able to define themselves in what they are doing while not neglecting their commitment to their family’s business. These efforts to re-think their roles contribute to a generational shift in how family businesses are seen and operated.