Family businesses face major challenges in working through ownership and management succession and family business leaders acknowledge the problem. However, few know where and how to develop a governance and succession plan. Visionaries need not go through the same periods of adversity. To preserve their wealth, they must initiate governance and succession at the onset [...]

Sri Lanka’s family business continuity will depend on their ability to have a clear vision and retaining family unity, business leader Shiromal Cooray said. “The failure to articulate the vision of the business in writing can be especially problematic as a company transitions from the 1st generation to the 2nd because the underlying goals are [...]

Given the uproar over Ivanka Trump’s sitting in for her father at the “adult’s table” at the G-20 summit in Hamburg, Germany, earlier this summer, why it is that we seem so eager to cry “nepotism” where family enterprise is concerned. What is it, exactly, that certain segments of America find so threatening about such [...]

The odds of successfully transitioning a business from one generation to the next are extremely low. In fact, as each new generation ages to the point of needing a successor, it is even less likely that a transition to the next generation can be successfully accomplished. If you know down deep that your next generation [...]

Like most family-run enterprises across the globe, only 13 percent of those in Singapore survive till the third generation, according to a March 2017 survey of 100 firms done by KPMG and CPA Australia. Though statistics vary, the fraction of such Filipino family businesses is likely similar, bolstering the so-called three-generation curse, where the first [...]

Innovation needs to be more pervasive amongst all levels of staff in family businesses, according to professional services firm KPMG Singapore. Recent research by the firm shows that innovation is currently mostly limited to founders and senior people in a family business when it is important for every worker to be empowered to innovate. In [...]