In cities across the U.S., immigrant-led family businesses have quietly powered local economies for decades—often without drawing much attention. These businesses are more than just enterprises. They are pillars of community, family legacy, and cultural identity. But as many of these companies approach a transition point, they face a challenge that even the most robust P&L sheets can’t solve: how to pass the torch without losing what made them special in the first place.
Succession planning is tough for any family business. But for immigrant entrepreneurs, it’s often a minefield of cultural taboos, legal hurdles, and emotional weight. “The process of succession planning in businesses operated by immigrants faces unique obstacles which surpass traditional financial and strategic considerations,” says Ankit Shrivastava, Founder & Managing Partner of Enventure, a U.S.-India private equity firm that works closely with family-run companies undergoing generational transition. “The barriers to succession planning consist of cultural obstacles as well as structural issues and emotional barriers which together form the main challenges.”
In interviews with leaders from immigrant-owned companies, Enventure has identified several recurring themes. First, there’s the generational disconnect. “The entrepreneurial approach to work leadership and risk assessment differs among immigrant founders compared to their children who developed in foreign countries,” Shrivastava says. These children, raised in different contexts, often lack the same emotional connection to the business, and may pursue entirely different careers.
Then there’s the issue of identity. “The business stands as more than financial interests for numerous immigrant founders since it represents their fight to survive and their sacrifices together with their identity,” he explains. “The successor’s failure to emulate these values makes the process of relinquishing control extremely challenging for many business owners.”
Cultural silence around retirement or death further complicates succession. “Death retirement and stepping aside remain forbidden topics in certain cultural traditions because they represent premature subjects,” says Shrivastava. “The delay in succession planning occurs because of cultural taboos against such discussions until critical business moments become unavoidable.”
Even when a family is ready to talk, the structural foundations of many immigrant-led businesses present obstacles. Informal governance, undocumented financial systems, and unclear lines of ownership can make valuation and transition difficult. Immigration status further muddies the water if heirs live abroad or hold different citizenships.
Yet, there are paths forward. Enventure’s approach centers on what it calls a “legacy-first” lens. Rather than treat businesses like plug-and-play assets, they work with founders to understand what should stay the same—and what can evolve. “Our model is built around alignment with founders and families,” Shrivastava says. “We bring operational expertise through our ValueEdge™ framework while honoring the values that built the business in the first place.”
That framework isn’t just theoretical. In practice, it means spending time on the ground, conducting “Listen First” mapping. “Our team made up of bilingual and first-generation professional members conducts on-site investigations for weeks and sometimes months before taking action,” Shrivastava explains. They observe shop floors, talk with employees in their native languages, and track the informal routines that keep a business running—many of which never show up in spreadsheets.
Enventure then adapts its ValueEdge™ framework to the specifics of each company. In one case, they helped a community clinic modernize through EMR and telehealth, while retaining the same doctor-owner and community-focused care model. In another, a manufacturing facility introduced lean operations while maintaining Spanish-speaking supervisors and HR protocols.
There are lessons from elsewhere in the private equity world, too. Shrivastava points to Sabrosura Foods, a Hispanic dairy brand that retained its cultural identity and founder involvement even after investment from Centre Partners. Conversely, he cites the near-sale of Patel Brothers, an Indian-American grocery chain, which fell apart when PE firms failed to align with the founder’s vision.
Ultimately, Shrivastava believes that the key is empathy, not efficiency. “Founders typically fear losing control while also worrying that their life’s work will be mismanaged,” he says. “Business expansion at any cost together with disregard for community values and founder feelings tends to split both family units and business operations.”
As a new generation of founders grapples with succession, Enventure’s approach offers a template. It’s not just about unlocking value. It’s about preserving the soul of the business—while building a bridge to its future.
