On 9 and 10 June, the Stockholm School of Economics in Riga (SSE Riga) hosted the international conference “Empowering Family Enterprise: Professionalisation and Community Impact”, which brought together 160 participants from 20 countries – family business leaders, industry experts and academics. Those attending discussed the main challenges facing family businesses and their opportunities for development in the Baltic region.
The conference was organised by the Baltic Family Firm Institute (BFFI), which is building an ecosystem to support family businesses in the region, together with the European Corporate Governance Institute (ECGI).
The conference highlighted several significant challenges that family businesses face. The one mentioned most often was succession planning – the need for a timely and clear transition plan, which is often complicated by the task of reconciling differing interests and points of view. Difficulties in attracting funding were also noted, as investors are frequently cautious about family business models. The third key aspect was bringing in a professional external manager and striking a balance between family values and company management, particularly where active and passive owners work together.
“Speakers at the conference stressed the importance of early planning, regular communication and aligning family values with the company's strategy in order to ensure sustainable succession. Even an initial family constitution – just 2-3 pages long – can serve as a solid foundation to be developed in line with the family's needs,” says Anete Pajuste, professor at SSE Riga and co-organiser of the conference.
As participants acknowledged, the next generation's willingness to get involved and carry on the family business increases considerably when positive emotions are sustained and time is spent on shared activities that strengthen family ties and build traditions. Such activities make the generational handover and working together in the business feel more natural and more successful.
Interestingly, there is no single, universally accepted definition of a family business, but five key elements characterise them: ownership, control mechanisms, involvement in management, participation by family members, and succession across generations.
According to the BFFI database, more than 8,300 family businesses were operating in the Baltics in 2025, 13 of which have made it onto the list of the 100 largest Baltic companies by turnover.
The “Family Business Champions 2025” award was presented during the conference, honouring companies that stand out for their sustainable development, generational succession and contribution to society. In Latvia, the title of champion went to SIA Optic Guru, SIA L. J. Linen, SIA Vevers, SIA Gemoss and SIA Dati Group.
The award winners were chosen on the basis of their financial results, family governance practices and qualitative indicators, with particular attention paid to the involvement of the second generation, innovation and impact on society.