All small and large businesses are moving towards innovation and new technologies, and companies formed by members of one or more families are no exception.

To delve deeper into the subject, our managing partner, Héctor Torres, spoke on El Economista’s interview program to share his views on the management of technology by family businesses operating in the country.

For Torres, the digital transformation of family businesses is an increasingly necessary resource for productivity with quality standards. Likewise, digitalization offers greater tools to solve and streamline internal procedures and processes.

In this sense, our expert explained that, before taking digitalization into account, business conditions must be evaluated and how some of them end: “There is one called family conflicts, the other is lack of a competent successor, the other is business reasons and the last one is the lack of liquidity to maintain the business”.

Torres also explained that when the family business is starting up, its management model does not justify investing in technology. However, when it expands, the level of activity increases. Given this, a more advanced management model is necessary.

“Digital transformation allows you to reduce the risk of failure of these family
businesses. Obviously, it allows you to reduce the level of stress in the business
that leads to family conflicts,” Torres told El Economista.

So, if you have doubts and want to follow a professional process, at Torres Legal we explain how to enter the world of technology applied to entrepreneurial business.