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Benjamin Persofsky

Senior Vice President at Brown Brothers Harriman

Highlights

Apr 25 · linkedin

Innovation in family business is hard.

This past week, I ran a workshop on innovation for 150 private business owners and executives at the Family Business Magazine Transitions conference in Tampa. I asked these leaders how they felt about innovation in their enterprises. 96 of them had a neutral view when it came to how well, or how well-prepared their businesses were to innovate.

So why not more optimism? Family businesses are certainly capable of innovating—they do it all the time.

One explanation is the word "innovation" can be associated with an expectation they will go from making an [important] widget to the equivalent of inventing the next successful self-driving car. The reality is that's not practical or how most true innovative enterprises do it.

We spent a great deal of time talking about how to remove some of the obstacles and insert enabling systems to improve the activity. No one fell asleep (that I was aware of).

Thanks to everyone who came for being such great participants.

For more on this topic, check out the article: https://lnkd.in/eUhbZiHy

Feel free to add your thoughts below (or reach out to discuss)!

#innovation #familybusiness #nextgen

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Benjamin Persofsky
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Experience

Assistant Vice President at M&T Bank
Senior Vice President at Brown Brothers Harriman

Education

University Of Oxford
Economics, Management, University Of Oxford
Bachelor Of Arts In Economics, Business, Lafayette College

Location

Philadelphia, Pennsylvania, United States