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Each family’s legacy is as unique as the family itself. It can be a bloodline, a name, heirlooms, a legal entity or family stories, myths, and artifacts. In this fourth and final report in the series on family business succession, key insights are shared on the important role that legacies play in uniting the core purpose of the business with the f...

Choosing the right governance practices in a family business is a critical ingredient for its long-term sustainability. This report—the third in a series of four on family business succession—examines the many layers of family and business governance systems and mechanisms and the ways in which the evolving principles of good governance c...

Emerging from the shadows is the increasing number of women in the workforce, and it marks one of the most significant changes in economies throughout the world in the last 40 years. This report—the second in a series of four on family business succession—takes an up-close look at the demographic shifts that are changing the role of women in f...

There is an evolution taking place in the world of succession that is aligning the overall purpose of the family business with the motivation and beliefs of NextGen leaders. This report—the first in a series of four on family business succession—explores the courage to choose the right successor at the right time and provides the six key consi...

How far can artificial intelligence (AI) go in the financial reporting ecosystem? Is the vision of an interconnected ecosystem, with value-added and predictive insights, a near reality or still a far-off aspiration? The research conducted among 1800 financial reporting executives across major economies around the world shines a new light on those q...

Many affluent families assume their financial affairs and financial reporting are straightforward, yet they often involve complexities like multiple trusts and private equity investments. This can lead to frustration over the lack of comprehensive financial insights. While bookkeeping tracks financial inputs, it doesn’t provide strategic insights t...

“You only sell your company once” is a phrase founder/family-owned business leaders often hear before embarking on a major liquidity event. It demonstrates the enormity of the undertaking to effectively sell a business. Ensuring your company is prepared for a sale is crucial to any exit strategy, and should be considered long before beginning a sal...

Given how significant accounting processes and applications are prime targets for top business risks, it’s important to take control and start your risk management analysis. Take an important step toward that end by using this fillable and interactive segregation of duties form. After answering the questions, you’ll have a high-level view of functi...

Identity theft occurs when personal information about an individual is stolen and used typically for financial gain. Criminals can obtain personal information electronically through hacking or illegally purchasing information from the Deep Web/Dark Web. They can also obtain information through paper records that are not properly disposed of or secu...

While there are many items family offices should look for in technology solutions, one vital component is reporting capabilities. For family offices considering a move to Sage Intacct, there are five reporting advantages you can count on to help deliver the data and transparency that are important to the family members.

There are few issues in family business that create more conflict and tension than the employment of family members. The complexities involved and the breakdowns in communication and trust can contribute significantly to the alarmingly high rate of failed intergenerational transitions in family business. The good news is that there is a way for fam...

Based on a FOX Research, the average family office spends about 32 percent of its time on financial administration and reporting. That’s almost 17 weeks a year spent on collecting, verifying, analyzing, and consolidating financial information. For some family offices, these jobs took up as much as 75 percent of their time, which left them with litt...

Whether you and your family split financial responsibilities or delegate them to one person, it is critical for your family members to have access to all your financial information. Use this guidebook created by Northern Trust to detail the location of important documents, accounts, and plans. Designed as a fillable and easy-to-update resource, it ...

With more business families going global, it’s imperative that family businesses consider the tax implications as well as the business and personal factors when planning a family business transfer. In this report, KPMG offers two case studies on taxing family business transfers and the significant disparities between tax regimes. The report also co...

The IRS has released the 2025 cost-of-living adjustments for pension and 401(k) plan limitations. The indexed amounts for 2022 to 2025, and other commonly used limits are listed in this summary. The highlights for 2025 include: (1) the Internal Revenue Code (IRC) Section 415(c) contribution limit applicable to defined contribution retirement pla...