The impact of AI, challenges of adopting a more professional management approach, and looking at how governance is handled, are among the topics on executives' minds, according to a recent study.

AI is weighing on minds for family-owned businesses, while succession and preparing for a more disruptive financial world also appear to be major concerns, according to a recent report from Deloitte Private, part of global financial services group Deloitte.

Firms are “sharpening their focus” on artificial intelligence and digital transformation. Outside of tech, they’re also spending time on governance frameworks to get ready for change. 

The survey found that 42 per cent of executives in North America were spending more on AI and 37 per cent are putting more resources into technology in general. The The Private Company Outlook: Family Enterprise study is based on an online survey of 100 US-based leaders of family-owned companies. Respondent firms each had annual revenues ranging from $100 million to over $1 billion. The research, conducted between April 28 and May 2, 2025, included participants holding C-suite, board, president, and partner-level roles.

These issues are important for private banks and wealth advisors to grasp because for many business owners, there’s no hard dividing line between operational and private wealth. Also, family-run and owned  businesses are natural breeding grounds for family offices if a firm is sufficiently successful, even if it has not yet had a liquidity event such as an IPO, buyout or sale.

Tech and governance
Two-thirds of respondents either already have (27 per cent) or are actively recruiting (39 per cent) board directors with technology and emerging tech expertise. However, organizations said this is a tough area, with nearly half pointing to the difficulty of identifying suitable candidates (46 per cent) and a lack of understanding of new technologies among existing board members (42 per cent).

Succession planning remains another area of complexity. Almost half of respondents (49 per cent) feel well prepared for leadership transitions. However, a substantial number report ongoing difficulties such as limited interest from next-generation family members (37 per cent), lack of clear selection criteria (31 per cent), and leadership skill gaps (31 per cent). To address these concerns, families are investing in formal education (52 per cent), on-the-job experience (48 per cent), and mentorship programs (45 per cent) to equip future leaders.

In addition to governance and succession, M&A strategies are increasingly being considered â€“ particularly among mid-sized family enterprises. Around 51 per cent of all respondents said they plan to use M&A to strengthen supply chains, and 48 per cent aim to expand market share. Interestingly, firms with revenues between $100 million and $500 million are more likely to pursue M&A for supply chain resilience (57 per cent) compared with larger peers generating over $500 million (43 per cent). Nearly six in 10 respondents are also exploring public markets as a funding source for these growth ambitions.

Getting formal
Deloitte Private said there is a shift toward formal governance structures. Seventy-three per cent of those surveyed have established family councils, while 83 per cent have implemented defined governance frameworks – highlighting a trend away from informal decision-making toward greater alignment between business goals and family values.

“Family enterprises are navigating a pivotal moment – balancing the need to prepare the next generation of leaders with the imperative to invest in transformative technologies to keep their organizations competitive now and in the future,” Laura Pearson, US family enterprise leader at Deloitte Private, said. 

“We’re seeing families move beyond informal decision-making to adopt clear governance frameworks that align family values with business goals, make bold investments in technology, and seek board directors with AI fluency and sector-specific expertise. These efforts can enhance generational insights and help ensure the business is equipped for innovation and long-term growth,” she added.