KPMG Australia explores six areas related to family business succession: preparation, leadership change, new directions, governance as a priority, performance measurement and pride in the family business. The report focuses on Australian families but offers suggestions and insights that can be useful to families anywhere.
While many business owners are struggling to find qualified successors, family members oftentimes oppose proposed sales to outsiders because they think they should have the chance to take over the business. Research from Rothstein Kass suggests that advance planning can minimize family squabbles and ensure smoother business transitions.
Organizations that invest in leadership development perform better than those that don't. Challenging economic times underscore this fact even more, according to independent reports collected by the Center for Creative Leadership. Studies show investment in leadership development improves financial performance, attracts and retains talent, driv...
Britain's new reduction of capital procedure provides a flexible and inexpensive way for family-owned businesses to restructure or return value to shareholders. This report from Withers provides practical examples of how the procedure can be used in paying dividends, demergers, share buy-backs as well as paying up unpaid amounts on shares and disso...
Proper asset allocation and estate planning is often the best gift to children who have neither an interest in, nor propensity for, running the family business. Sale of the family business is usually a once-in-a-lifetime chance to achieve meaningful liquidity, and well-qualified advisors can add much more in transaction value and stress relief tha...
According to research conducted by JPMorgan Private Bank's Advice Lab, almost one in three family-owned businesses has experienced some form of liquidity event over the last 12 years. An outright sale or a merger or initial public offering has major implications for businesses that may have been family-run for generations. The analysis highlight...
Businesses worldwide are increasingly using social media networks to advertise and communicate with potential customers and constituents. Regardless of whether a business is using social media, its employees certainly are. Here are four reasons to establish rules for how employees use social media sites.
A guide to minimizing the after-tax proceeds from the sale of a family business. According to the article, legal exit preparations involve a 3-step process: due diligence investigations (i.e., public searches, review of minute books and key contracts, etc.); identify any 'skeletons' and consider what options exist to remedy or neutralize them; fina...
A business-owning family can create a secure foundation for effective multi-generational ownership and control by transferring shares of a family business in trust during the controlling owner's lifetime, and through careful drafting of trust provisions, choice of governing law, selection of a capable trustee and implementation of effective family ...
A business transition plan should provide a good fit: for the business, for family members and for the owner. A transition road map also should provide clear instructions in the event of the owner's incapacitation or death – a sound reason to establish a plan sooner rather than later.
Family dynamics often play a critical role in the long-term success of family businesses, and women's relational and interpersonal skills tend to make them well-equipped to manage these issues. Effective leadership within the family business is, now more than ever, dependent on the inherent relational skills that a woman can bring to the busine...
For many entrepreneurs, the experience of selling their business may involve a loss of identity and purpose, despite the financial security that usually accompanies the sale. This paper addresses the personal challenges entrepreneurs face during the transition as well as issues created by a significant change in the nature of their wealth, from ill...
Parents who are concerned about family harmony after their deaths are wise to address the issues of estate equalization as a key element of their estate and business planning. Most of the problems that would create disharmony among their children can be handled with careful thought and with wills, trusts and business agreements that clearly dictate...
Closing the gender gap at the top of corporations fosters innovation, creates a more balanced work environment and positively affects the bottom line. Yet, achieving gender balance requires new thinking, innovative approaches and courage.
As the COVID-19 vaccine becomes a larger part of the national conversation, employers will need to assess and/or develop a vaccination policy and plan. Employer-driven vaccination programs require a thorough understanding of employment law, compliance, employee well-being and education. This e-book covers employment law considerations and explains ...