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Succession
Family offices in India have professionalised at an astonishing rate in the four years since Campden Family Connect was founded, but engaging the next generation remains a key concern and the coronavirus pandemic is causing pain as portfolios lose value.
The boards of family businesses need to step up their professionalisation to broaden succession planning, introduce the next generation and improve the gender mix, says a leading international family business consultant.
In late February, news broke that HM Revenue and Customs (HMRC) has set up a new team to investigate the use of Family Investment Companies (FICS) with a focus on Inheritance Tax (IHT).
Founder’s great-grandson takes chair as Lego builds in China, billionaire “hotpot queen” chooses Singapore for her new family office and next-gen James Murdoch joins the fight against fake news.
A significant number of family businesses do not have a succession plan in place. Failure to address this is likely to be to the detriment of the business in the long-run. The family need to decide what the future of the business looks like, and crucially which family members, if any, wish to be involved.
Prince Harry and Meghan Markle’s decision to step down as senior royals and split their time between the United Kingdom and Canada holds a number of implications for business dynasties, and for the role of the “spare” in the “heir and spare” scenario during succession, family experts say.
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