Hi, I'm Zack and I'm new here.
I come from a strange land called “The Legal Industry,” where the tried-and-true tenets of business management that are likely instinctive for many of you don't tend to come as naturally, particularly for law firm leaders who have spent the majority of their careers focused on practicing law.
For 16 years, I was a reporter, then managing editor, then editor-in-chief of a group of publications that focused exclusively on the legal industry. My work included a heavy emphasis on the business of running law firms.
The tricky part? Law firms don't generally like to think of themselves as businesses. And, for a long time, they really didn't have to. They provided a very specialized service and were paid handsomely for it.
But the past two decades or so have forced law firms to confront thorny issues including, but surely not limited to, falling demand, increased competition and heightened price scrutiny, along with intensifying ESG and DEI pressure and calls for greater pay transparency. Oh, and don't forget balancing the ongoing demands of equity partners with the shifting priorities of up-and-coming generations.
Speaking of those younger generations, perhaps the most pressing issue for law firms of all sizes — some of which, of course, are family-owned businesses — is succession planning. Most firms are not good at it, and many choose to simply ignore it until it's too late.
On second thought, maybe the legal industry isn't so strange, after all. What I've already learned during my brief time here is that, regardless of size or industry, family-owned businesses — even those that have operated successfully for generations — are wrestling with similar questions around governance, growth, culture and legacy.
In fact, like those aforementioned law firms, some family-owned companies are just now coming to grips with the complexities of running a business in 2024 and being forced to think beyond the balance sheet basics that previously served them well.
In my second week here, I had the privilege of moderating several of our Family Business NextGen 2024 panel discussions, hearing from several young business leaders about the challenges their companies and families face and what they're doing to address them. I also got to hear them talk about their hopes and plans for future generations. The experience was exhilarating.
Throughout my career, the issues I've been most passionate about are the ones that keep business leaders up at night. My goal has always been to stay apprised of those constantly evolving challenges and to create content aimed at helping business leaders conquer them.
That's why I'm so thrilled to be here at Family Business, where helping business leaders to solve problems, seize opportunities and achieve multi-generational success is really the entire point.
I have plenty to learn about the unique dynamics of family-owned businesses and that's what really excites me most: the opportunity to meet all of you, to get to know your businesses and to help find answers to your most burning questions.
So, let's get started! My email address is zneedles@familybusinessmagazine.com and my phone number is (215) 405-6070.
I can't wait to hear from you!
Zack