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Succession

September 20, 2016

Experience in managing successful successions in family businesses will increase in value as ultra-high net worth individuals worldwide transfer more than $3.9 trillion between generations over the next decade.

Experience in managing successful successions in family businesses will increase in value as ultra-high net worth individuals worldwide transfer more than $3.9 trillion between generations over the next decade.

The new Global Family Office Report by Campden Wealth, in partnership with UBS, revealed 43% of family offices expected a generational transition within the next 10 years, rising to 69% in the next 15 years.

August 19, 2016

Giorgio Armani would do well to consider motivation, guidelines and accountability when setting up a foundation to control his €2.64 billion ($2.9 billion) empire.

Giorgio Armani would do well to consider motivation, guidelines and accountability when setting up a foundation to control his €2.64 billion ($2.9 billion) empire.

This is the advice from the UK family office team of professional services network KPMG when CampdenFB asked what succession plans they would recommend to the Italian fashion designer.

June 3, 2016

Middle Eastern family businesses facing the challenges of planning succession are set to benefit from the region’s first bilingual governance code.

Middle Eastern family businesses facing the challenges of planning succession are set to benefit from the region’s first bilingual governance code.

The voluntary guide is aimed at large businesses that are going through either first, second, or third generation transitions.

It is a response by the Family Business Council-Gulf (FBCG), the regional association of Family Business Network, to the growing issue of succession in the six countries within the Gulf Co-operation Council (GCC).

May 25, 2016

PricewaterHouseCoopers (PwC) has set up an Asia-Pacific family business hub in Singapore, the island city-state where 89% of family businesses do not have a succession plan.

PricewaterHouseCoopers (PwC) has set up an Asia-Pacific family business hub in Singapore, the island city-state where 89% of family businesses do not have a succession plan.

Sian Steele, PwC UK family business leader who helped established the centre, said issues facing family businesses are universal.

However, Asia Pacific family business owners do not have the networking, communication, and support as developed in mature markets when they confront transition issues from first to second and second to third ownerships, Steele said.

May 12, 2016

The case of US billionaire Sumner Redstone highlights tensions when the mental capacity of business leaders is questioned.

The case of US billionaire Sumner Redstone highlights tensions when the mental capacity of business leaders is questioned.

February 5, 2016

National Amusements third-gen Shari Redstone was the only vote from the board of directors at Viacom, her family’s media empire, opposing the appointment of Philippe Dauman as chairman on Thursday.

 

National Amusements third-gen Shari Redstone was the only vote from the board of directors at Viacom, her family’s media empire, opposing the appointment of Philippe Dauman as chairman on Thursday.

Her father, Sumner Redstone, 92, announced his retirement on Thursday. He had announced his retirement as chairman of the family’s other media empire CBS on Wednesday, where he will be replaced by its existing CEO and president Leslie Moonves.

February 3, 2016

The global financial crisis has messed with retirement timelines in family businesses, according to research out of the US, as Baby Boomers have focused on keeping their businesses afloat rather than succession planning.

The global financial crisis has messed with retirement timelines in family businesses, according to research out of the US, as Baby Boomers have focused on keeping their businesses afloat rather than succession planning.

Despite the fact that 62% of senior-generation owners plan to pass on their business within the next decade only 35% have a clear succession plan, the Kreischer Miller report said. Over half (51%) do not have a succession plan at all.

November 12, 2015

The bulk of successful family businesses place responsibility for succession planning with the board of directors, according to a new report, with shareholder councils and the chief executive the next most popular options.

The bulk of successful family businesses place responsibility for succession planning with the board of directors, according to a new report, with shareholder councils and the chief executive the next most popular options.

Preparing or procrastinating?, released by EY, also found that boards of directors are more likely to prioritise next generation education and preparation.

August 28, 2015

New Zealand’s most successful jewellery chain will fall into the hands of the second generation in November, following a vote at the company’s annual shareholders’ meeting.

New Zealand’s most successful jewellery chain will fall into the hands of the second generation in November, following a vote at the company’s annual shareholders’ meeting.

Michael Hill International launched in 1979, with one shop opened in Whangarei, a small city of just 54,000 people, but today has 300 stores across Australia, New Zealand and North America.

The jewellery business, which is now headquartered in Australia, last year had revenues of AU$505.6 million.

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