The interplay of future making and foresight: Insights from a family business case study

Abstract

Although foresight has been credited with supporting organizations in dealing with the future, recent crises have highlighted the need to anticipate the future more effectively. Moreover, it has been argued that the future conceptualized in this context is not sufficiently complex. Under the label of future making, it has been proposed to investigate how actors within an organization interact with the future. The study explores how long-established family firms construct narratives of the future in practice because of their huge relevance in many economies and their long-term orientation. Therefore, we adopt a future making perspective that focuses on collaborative processes for shaping preferred futures. The research is based on empirical data collected via semi-structured interviews with key stakeholders in a family business. It concludes that the company’s future is strongly influenced by its traditional family identity, with the founding family playing a pivotal role in shaping that identity. The company's future making is informal, avoiding corporate foresight processes that are seen as inhibiting. Despite appearing unstructured, the family business unconsciously follows underlying theoretical models. However, it is emphasized that understanding their approach to future making is critical for family businesses, highlighting the need for further exploration of its implications.