Succession
More than half of the next generation of family business leaders are worried they will lose the capital their family has created and almost half are worried their own children will lose that wealth.
The coronavirus pandemic has prompted families of wealth to accelerate their succession planning and check if existing plans are still fit for purpose.
Dilmah, the global Sri Lankan family tea producing business, has moved swiftly to safeguard its workforce and adapt its manufacturing when confronted by the coronavirus, and calls for humane family values to recalibrate the post-Covid-19 world.
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).
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