Succession
Family business leader turned coach Philip Mackeown is calling on families to emerge from the Covid-19 crisis with an “additional font of courage within” and for their successors who must carry the businesses—and the family—forward.
Each family is unique. A concerted effort to understand the complex dynamics which exist within each family, between spouses, siblings and the generations, is an essential first step for family advisers. Without this understanding, it is much more difficult to help a family deal with succession issues, especially in the context of a family business with members sitting on the board.
From the onset of the new millennium, business leaders have been increasingly interested in ‘purpose’—the idea that they might look beyond the profit motive alone to consider why the business exists and what purpose it serves.
Arnault family’s L Catterton in rumoured Birkenstock takeover bid, Mining magnate Gina Rinehart backs lithium venture, Rocketing e-commerce powers L’Oreal recovery.
Now that the Office of Tax Simplification has completed its reviews into both Capital Gains Tax and Inheritance Tax, some of the key recommendations could have a lasting impact on the way family businesses deal with succession.
Family businesses are more vulnerable to inadequate succession planning because, understandably, members of every generation involved with the business are likely reluctant to discuss, much less contemplate, the incapacity or death of the current leaders.
Editor's Pick