Those with family assets to protect are keen to ensure that they pass down the bloodline rather than face claims from a spouse, which may involve other family members if they too hold shares. Where the couple's assets are in excess of their respective needs, the starting point is a 50:50 share of the marital assets. In order to meet a spouse's claim, the Family Court has the power to order a sale of a family-owned company (if owned wholly by one or both spouses) or a sale of

The family business leaders of tomorrow will need to cultivate a diverse set of skills and competencies to successfully navigate the evolving landscape of business and family dynamics. As these businesses often operate at the intersection of personal relationships and professional responsibilities, future leaders must be adept at balancing these elements while steering their businesses toward growth and sustainability. One of the most crucial skills for future family business

Family businesses are often seen as the backbone of many economies, with success stories that span generations. Built on strong personal bonds, shared values, and a deep level of trust, these businesses thrive on the unique dynamic that comes from family involvement. However, introducing in-laws into the mix can significantly shift this balance. While in-laws can bring fresh perspectives and valuable skills to a family business, their involvement also risks creating complicat

Running a multigenerational family business is not merely about ensuring financial success across decades; it is about preserving a...

Family businesses are often seen as a unique blend of personal relationships and professional endeavours. The dynamics within these organizations can be complex, especially when it comes to decision-making. Who really has the power to influence and shape decisions in a family business? The Family Dynamics At Play In a family business, the lines between personal and professional lives are often blurred. Family members involved in the business may have longstanding relationship

The need to recruit at a senior level within family businesses arises for various reasons, such as filling a gap in succession, boosting sales, enhancing production, introducing new products or services, or expanding into new territories. Bringing in a non-family executive promises fresh perspectives, new ideas, and valuable expertise. Nonetheless, such appointments carry significant risks. This article sheds light on four primary pitfalls in recruiting non-family executives

Succession planning and the engagement of the next generation and their development are key aspects that should be on the agenda for all...

When a new CEO has been appointed that is only the first part of the succession process complete. The second stage is the all-important...

When people leave organizations, they often cite poor workplace communication as a top reason for moving on. But in the age of the “Great Resignation,” it is far from the driving factor, according to Craig Weber, founder of The Weber Consulting Group and author of “Conversational Capacity.” Instead, he says individuals are asking more profound questions about life and job satisfaction; those answers rank higher on the “reasons to leave” list. But the exchange of information

A family constitution is a confidential family document outlining their vision and agreement on ownership and management of the business....

A good Board Chair understands they are a facilitator to achieve the best outcomes rather than a ‘commander.’ They listen more than they...

For a family-owned business nothing is more important to an organisation than the nurturing and protection of its reputation. Having a family enterprise is not only a privilege – it’s also a huge responsibility. Unlike many boards of publicly owned entities, due to their personal connection, families have additional emotional investment in their business. They are in it for the long haul to create a legacy for their family. Custodians of valuable assets that provide for their

The media coverage of “The Great Resignation” has raised the profile of the ongoing and critical role of the board in succession...

Given their portrayals in the media, it might be easy to dismiss family businesses as hotbeds of power playing, favour currying, and back-stabbing—preoccupations that can hurt the company, the family, or both. Think of the Murdochs and NewsCorp, or the Redstones and National Amusements, to name just two. But despite the headline-grabbing tales, many family businesses have enjoyed success for decades, even centuries. For instance, the Italian winemaker Marchesi Antinori, estab

Are management buy-outs a means of ensuring viable futures for established family businesses? Selling or handing over the family...

When crisis strikes a family business, advisers need a clear plan, with an emphasis on honesty, to minimise reputational damage Many businesses have been through a tough time over the past few years. Public mistrust of politicians and bankers has spilled over into wider cynicism about businesses generally. The ‘information age’ also means journalists are no longer the only people who tell us about the world; the web allows anyone to assume the role of public commentator. With