Successful family businesses always have a core competence in what they do which ensures they regularly deliver positive results. What is most striking is the speed of transformation and change at agile family businesses; when ready to implement the changes, they do it quickly, unlike many other enterprises. Family organisations often prove more resilient to economic slowdowns and may be more resistant to the pressures placed on other enterprises by demanding shareholders, venture capitalists and aggressive banks through over-generous lending. Rather than scooping- out value through short term speculative strategies, the longer-term focus of family businesses has many sensible opportunities for sustainable success. A key factor in the potential success of family businesses is senior management’s and directors’ flexibility and agility. If the family enterprise is burdened with unnecessary and repetitive bureaucracy then potential success can be hampered. The tendency of ineffective managers who need forms and paperwork to justify their existence can be minimised when there is trust between owners and management teams who are connected by a normalized and shared vision, giving them agreed direction and boundaries of authority. For a family business to have longevity it must avoid the biggest drawback to family- owned enterprises: the founder builds an organisation, the next generation takes it over and is poorly prepared to manage and make it grow but enjoys the wealth, and then grandchildren can end up inheriting a stagnant and dying firm with little or no reserves, bled-out assets, far too many liabilities and a poorly led operation. Best advice for any family organisation is to prepare for the third generation from as early a time as possible. A famous saying about family owned businesses in Mexico is; ‘father, founder of the company, son rich, and grandson poor’. A relatively small percent of family businesses survive into the third generation of family ownership. Great enterprises are built on purpose, vision, values, agreed broad goals and specific objectives with exceptional strategic execution; enduring family enterprises across generations have an additional edge – robust governance. Governance is vital to a family business as it grows and confronts new opportunities, challenges, and critical questions about its future direction. The sustainability of a family organisation lies in the fine balance between the needs of the business and the expectations of family members. Corporate governance framework for any enterprise should ensure strategic guidance; the board’s effective monitoring of how the organisation is being managed and the board’s accountability to the company and shareholders. A board including independent directors adds value to strategic planning; bringing new ideas, spurring innovation, and helping the owners make necessary but tough decisions. From helping to define strategy prepare future leaders, and navigating family dynamics, to bringing independent perspectives into the boardroom dialogue, an effective board can be an invaluable asset to a family-owned concern. Succession plans are an absolute necessity, ensuring the company delivers sustainable results from generation to generation with well-prepared and trained family executives. Developing specific, measurable, agreed, realistic and time-bound objectives will keep both family members and employees on-track with the stated purpose and goals of the organisation. Keeping everyone focused on ownership and accountable for their responsibilities is key to future success. Taking a professional leadership and management programme is always useful for all those leading family businesses.