In a family business, separating the family from the business can be the biggest challenge. We spoke to Dr. Denise P. Federer is a speaker, consultant, coach and psychologist in Tampa, Florida to get her insight into the issue associated with potentially having to fire a family member from the family business. Here are her thoughts on the matter. A few weeks ago, I was watching a romantic comedy called ‘What Happens in Vegas’, starring Cameron Diaz and Ashton Kutcher. While I don’t normally get ideas for an article from run of the mill Rom-Coms, the opening scene of this movie hit home, when Kutcher’s character Jack is fired from the family business by his father. In the film, ‘Jack’ is an affable guy who likes to goof off—which is not good for business and leads to his firing. Shocked and dismayed, he heads to Vegas with a friend where, as you might imagine, hijinks ensue. But what actually happens in Vegas in this movie isn’t important. The setup for Jack’s trip there is. In my work as a family business consultant, the issue of family members not ‘pulling their weight’ comes up often. Deciding what to do about it is one of the most difficult issues a family business will ever face. Should you fire a family member? The short answer is—it depends. There are a variety of factors at play when deciding what to do with a family employee who is not getting the job done in the manner that the business requires. Far from a simple yes or no, your decision should come only after careful consideration of the facts surrounding the case—including the following factors: Your Family Business Model I strongly believe in the importance of having a family business model, and how you construct your corporate governance around the model used. There are three main models for family businesses: The Family-First model , in which the family’s happiness and sense of togetherness should come before everything else. In this model, differences in the quality and degree of family members’ contributions to the business will not be fully recognized. The Business-First model , in which all decisions are based on what is best for the company, and the family needs become secondary. The model rewards hard work, promotes shared success, and is driven by growth and individual opportunities to succeed. The Family Enterprise model , which splits the difference and creates a balance between Family-First and Business-First models. All decisions should balance family satisfaction and the economic health of the business. In the Family-First model, firing that family employee would be a last resort, only after all other avenues are exhausted. In the Business-First model, firing the family member would likely be in the cards (dependent, of course, on how severe the issue is). In the Family Enterprise model, the decision essentially comes down to what the corporate governance says. Choosing one of the three models for your family business will help you create your corporate governance, which will easily lay out what your decision should be ion any of these situations. The importance of corporate governance cannot be understated, and if you’re currently in the position of deciding whether to fire a family member, you’re probably nodding right now. Your Values As the leader of your family business, what is important to you? Do you consider yourself more of a parent/sibling or more of a boss when dealing with the family member in question? Blood is thicker than water, but is it thicker than your business needs? If you don’t have a family business model, you’ll have to go on your values and make the best decision that satisfies them. The Developmental Stage of Your Business If your business is growing and you plan on bringing in outside leadership whom you know will not tolerate certain issues with family employees, the calculus on your decision changes. If you’re an established family company, your best bet may be to find a better fit within the company for the family member. Your Culture The culture of your family business is incredibly important. If you have a family employee who is damaging that culture, you have a problem. But not every instance is that severe. Look at how this person affects others in the company, and whether they are representing the values of the company. A lack of technical expertise can be fixed. But when someone is poisoning the culture, you may find that your hand is forced. No family business leaders really want to fire a family member. And in most cases, it should only happen after all other options have been exhausted. For instance, if a family member simply lacks the technical expertise, but is otherwise a hard worker and positive influence on the culture, a move to another department—or the creation of a new position—can solve the issue. The bottom line is that you must be honest with yourself and your family. That means having the tough conversations that most family businesses avoid. Difficult as they may be, those conversations can result in a solution that works for the family, the family employee and the family business. About the Author: Dr. Denise P. Federer is a speaker, consultant, coach and psychologist in Tampa, Florida. She brings over thirty years of experience to her work with individuals, executives and family businesses providing consulting and performance coaching.

Doctors are becoming increasingly concerned about the growing wall of mental health problems stemming from the pandemic, with some predicting dire consequences for employers and the economy. Whilst many have again returned to home working or have social distancing in place, many employers are not aware that the responsibility for managing work-related mental health issues amongst their employees rests firmly on their shoulders. “We’re seeing an increased number of individuals who are troubled with mental health issues arising from the pandemic” says Dr. Greg Irons MBChB MFOM, an occupational health specialist practising in London. “The ongoing situation across the UK is not only impacting those with pre-existing mental health conditions, it is affecting people who may previously have felt they were quite resilient and this can manifest itself in the workplace” he said. Specialists across the country have also expressed concerns about the impacts on workers’ mental health. Dr. Beverley Flint, Clinical Psychologist and Clinical Commercial Director at HelloSelf For Business says “The need for people to work from home during the initial lockdown was met with trepidation by many. The routine and connection that going into work provides was essential for some people’s mental health, for their sense of belonging.” Many employees were faced with the challenges of home schooling whilst continuing to work. This has been a great source of distress for many adults and children alike. The uncertainty that the pandemic has brought has increased the prevalence of mental health difficulties, often exacerbated by financial hardships. Mind, the mental health charity, says that at least one in six workers experience common mental health problems including anxiety and depression. Their research shows that work is the biggest cause of stress in people’s lives, more so than debt or financial problems. The pandemic has increased these pressures dramatically. “The flip-side of this is that some employees have thrived whilst being enabled to work from home, finding a work-life balance that suits them far better” Dr Flint continued. “Many are reporting feeling a great sense of loss if their employer is insisting that they return to the workplace, with some making the decision to resign.” “All of these stressors are not only exacerbating pre-existing mental health conditions, but they are triggering new presentations” Dr Flint suggests, continuing “employers need to consider the increase in mental health difficulties that we are seeing across all ages and circumstances.” There is a great deal that employers can do to protect the health of their employees, from enabling flexibility to providing access to professional support. Organisations that do not prioritise the mental health and wellbeing of their workforce will not only struggle to retain their talent, but may face great difficulty attracting it. Dr. Irons suggests that as we all watch pressures growing rapidly in the NHS, employers may be about to find similar problems too, with the potential for a growing wave of mental health problems affecting the working population. The Health & Safety Executive clearly state that employers must take steps to identify and manage risks to employees, including managing stress at work. Spot checks and fines from HSE Inspectors are possible at any time, right across the country, to ensure compliance with the law. The Equality Act 2010 also sets down in law that employers must adjust workers’ roles before they can be dismissed on health grounds, and demand for occupational health advice has also surged in the last two years. “We’ve seen huge increases in case numbers since the pandemic began” says Magnus Kauders, Managing Director of Occupational Health Assessment Limited, an occupational health provider based in the South East. “We usually have fairly predictable case loads, yet we’ve seen consistent and sustained increases in psychological health problems at work” he said, “and it’s rapidly getting worse.” Employer’s groups share the concerns. The Chartered Institute for Personnel and Development say “Employee health, safety and well-being is paramount. Employers need to be proactive in protecting their people and minimising the risk to staff.” The Society of Occupational Medicine has also called for swift action to provide universal access to occupational health across the UK, stressing that only half of the UK’s population have access to workplace health support. “We’re used to employers finding managing health at work difficult” said Mr. Kauders “although the complexity of managing stress, anxiety or depression can be really difficult for everyone” he continued “fortunately most people do recover with the right support in place”.

There are many factors that can help drive success into your business. Modern equipment will keep you in step with the times, an accommodating workplace will improve people’s overall well-being, and a wide client base will generate profit and enhance your reputation. However, the most valuable asset of a company is its employees. With great dedication, variegated knowledge, and sectorial competencies, talented workers can truly make a difference. It is safe to say, though, that teams can make better decisions, solve more complex problems, and execute more quickly than single individuals. This is why it is always important to put specific conditions into place that can effectively aid team development. As a manager, it is your responsibility to instil a sense of belonging and proactiveness in your workers. Ultimately, a high-performing team is likely to yield the results you are aiming for. But how can you mould a cohesive group to benefit the efficiency of your business? Here, we get an insight from Dominic Fitch, Head of Creative Change at Impact International , a leading experiential learning company, working to support global brands to prosper, by delivering customised people solutions, on how to shape a successful squad by focusing on targets, trust, communication, and encouragement. 1. Set Clear Roles & Priorities First things first, it is essential to ensure that each member of your team knows what their duties are. Defining everybody’s responsibilities will help your employees understand what is expected from them and deliver accordingly to the best of their abilities. In fact, any ambiguity or confusion at an individual level can hinder their own productivity, while also having a detrimental impact on the team as a whole. Moreover, it is wise to assign roles and tasks in line with people’s qualities. Are they good with numbers? Allow them to deal with stats and numerical data. Are they technically gifted? Software and computer-related duties will suit them best. Handing clear and tailored roles to your employees will harness their real potential and maximise your team’s performance. That said, if you want to nurture your squad and broaden their skillsets, consider investing in continual learning and development. High-performing teams tend to be curious and will welcome the opportunity to explore new paths and constantly build on their knowledge. 2. Embed Trust & Respect A team in which members both trust and respect one another is more likely to efficiently work in unison. Making sure that people value each other – and feel valued in return – will increase cooperation and spark appreciation towards their colleagues’ strengths. Therefore, creating a culture of trust is essential, and should be put into practice as soon as a new mind joins the business. In fact, it has been found that a pleasant onboarding experience lowers turnover figures by 157%. What’s more, it increases employees’ dedication and interest in the role by 54%. As a manager, you need to take steps to ensure that you are trusted too. The truth is that humans tend to trust people that they like, so building positive relationships with your team members can generate sentiments of respect. Get to know them and check on their feelings from time to time. This shows that you care about them not only professionally, but on a personal level too. Consistency is also important, as walking the walk makes you a manager that your fellow workers can rely on. Have you promised to carry out something? Have you organised a meeting? Follow through with your appointments, or your team’s drive may soon start to fade. 3. Communication Is Key There is no hiding that communication is the magic glue that keeps teams united. Indeed, from mitigating conflicts to solidifying team building, it conceals an array of crucial benefits. To nurture a close-knit, high-performing team, try to promote interaction at all times. Why should employees keep innovative thoughts to themselves? Why should they not share ingenious solutions with their colleagues? Saying things out loud and discussing specific ideas collectively can help teams work towards the same goal in an effective manner. In this respect, make space for thinking time and creativity sessions. Allowing your employees to spend time consulting each other will favour decision-making processes, helping them tackle any challenges with confidence and originality. Furthermore, you should consider cultivating a transparent feedback culture. Sometimes, giving unsolicited feedback can lead to awkward situations. In fact, people may feel uncomfortable sharing their advice, and the recipient may not accept it gladly. However, providing constructive feedback can nip potential issues in the bud, and therefore enhance group performance. Normalise this process and encourage team members to frequently offer advice to one another. Also, don’t shy away from praising hard-working employees. Everyone appreciates some well-deserved recognition from time to time, and it will work wonders on their motivation levels too! 4. Create Sense Of Purpose Finally, it is vital to instil a sense of purpose inside your team. Employees will feel more connected with their squad, as well as with the business on the whole, if they are presented with a common goal. What are the company’s targets? What should your staff be aiming for as a group? With clear directions and well-defined ambitions in mind, your team can truly thrive. Working towards shared, key objectives is what a team needs to optimise their productivity. Hence, to raise a group of high-performing people make sure to set out a well-organised itinerary for them to follow. You will be delighted with the end result! So, what will be your next steps? From establishing clear roles and building trust to outlining common goals and valuing communication, you will be providing your team of employees with the tools they need to excel.

To ensure the smooth succession of leaders, family businesses need to build a human capital development strategy. Too often, they wait until they have reached a critical point before addressing this issue. For centuries, the first male heir has been the natural successor within family businesses, with the rule of primogeniture taking precedence over other selection criteria. Although today more family businesses choose their future leader according to the suitability of their skills for the specific position, blood ties are still important. For the transference of management power within the family, there must be one or more descendants who are sufficiently motivated and aware of the company’s challenges, have a solid professional background relevant to the business, and want to take over. Sometimes, of course, there is no suitable family candidate, so it is important to have mechanisms that facilitate talent management in family businesses. Miruna Radu-Lefebvre, Audencia explains more. Preparing Potential Candidates The selection and preparation of potential succession candidates should be seen as a long-term process. Therefore, shareholder families should do more to cultivate and develop the family’s human capital through appropriate education and strategic socialisation, to prepare the next generation to take over the business one day. To ensure that only committed and qualified family members can be considered to run the company one day, why not formalise the process with a family charter? This could define in advance the skills and attitudes expected of such family members, the methods for evaluating their performance and how their career should develop within the company. However, this type of arrangement can become an obstacle to the retention of outside talent, especially if management positions are reserved for family members only. The company will therefore have to find other incentives to retain these talented employees. In the absence of an identified and available successor, it may be decided to appoint an external manager on a transitional basis, pending the identification of a family successor. This option is frequently used in German family businesses. The delicate issue of opening up the business to external managers sometimes raises a stumbling block for family shareholders who do not wish to dilute their power and for whom the principle of exclusive control is a dogma. Rethinking Governance Bodies Instead of limiting themselves to merely providing information, boards of directors could take on more responsibility for talent management within the family business by building an effective strategy for the development of both family and non-family human capital in the service of the company. Human capital issues must be a real cornerstone of the board’s work. In this area, too many companies still wait until they have reached a critical point before addressing them. At the same time as developing a succession plan, companies should also review or reorganise the rules of governance between shareholders and management. On this occasion, the implementation of a dual or dissociated governance system composed of a board of directors on the one hand, and a general management team on the other, allows the new director to enjoy real autonomy and a great deal of freedom in terms of decision-making. At the same time, via the board, the shareholders can better organise the dialogue and control with the executive management, especially when the latter is managed by an external manager. About the Author – Miruna Radu-Lefebvre is Holder of the Family Entrepreneurship and Society Chair at Audencia.

Samantha Rutter is the CEO of Open Study College , a business that she co-founded with her father. Paul Andrews caught up with Samantha to find out more about the family business and their plans for the future. When was the business founded and what does it do? I was 19 when I founded Open Study College (OSC) with my dad Mark Rutter more than 14 years ago. We identified a gap in the market for fully-supported distance learning, with the sole aim of helping people to improve their career prospects and making education accessible to everyone. Today, our business offers more than 700 different courses, across a broad spectrum of disciplines, from accounting and bookkeeping to animal care and counselling. Students can study at their own pace, with a printed course pack or via e-learning courses. Tell me a little about the history of the business? As a father-daughter duo, we founded OSC in the West Midlands, where our head office remains today. At the time, my dad decided to sacrifice a senior career, sell our family home and put everything into setting up OSC. At the beginning, we ran the business from the garage of our family home. We offered courses from other providers to students, and with the support of other family members, packed course materials to send out daily. Alongside this, we were also juggling other jobs to keep the business going. My dad had decades of experience within the education industry, in particular distance learning. His passion for helping people to better themselves meant that he felt there was so much more that could be done in the distance learning industry to support learners, including higher quality courses and improved tutor support. A pivotal point for us was 2009 when we started to write and develop our own courses. Now, as one of the UK’s leading distance learning providers, we’re passionate about inclusivity; we believe that everyone should have access to education. The business has gone from strength to strength and offers the largest selection of distance learning courses in the market. Since 2007, over 100,000 learners have enrolled with us and improved their lives. We’ve recently been awarded a number of accolades for our positive impact on the industry, including Further Education College of the Year, and shortlisted for Training Provider of the Year at the TES FE Awards. I’ve also personally been acknowledged as one of the UK’s Top 50 Most Ambitious Business Leaders and Most Influential Female CEO. What generation of business are you, and what are your first memories of the family business? We’re a first-generation business – both I and my father have been involved since the start, and still are today. Some of my first memories of this business are of us both, and other family members, packing courses in my parent’s garage and taking them down to the post office to be sent to our new learners! I had an amazing childhood filled with love and care, for which I’m really thankful for. I have lots of wonderful memories from when I was a child and of our first steps together in setting up the family business. I was fortunate to be able to join my family travelling the world, spending a lot of time in the USA, which really opened my eyes as to how big the world is and how many opportunities there are. When I was younger, my parents didn’t have a lot, but they worked hard and showed me that anything is possible – you just have to put your mind to it! I’m incredibly proud of both my parents for what they have achieved in life. Are there any other family members working in the business? Right from the get-go it was a family effort to get OSC off the ground and many of our family still play a significant part in the business today. It’s a real family affair with my mum, sister, brother-in-law, and my fiancé all playing a part in the business’ growth. How important was the business in your life as you grew up? I was 18 years old when the business came to fruition, but I think I always knew I wanted to own a business as I got older, particularly in my teen years, watching my mum and dad work in the distance learning sector. What was your journey into the family business and what do you do now? Today I’m the CEO of OSC, but it all started when I was a lot younger. I knew I wanted to own a successful business one day, and together with my dad, who mentored me from a young age, we made that happen. Growing up watching him work hard and progress up the career ladder showed me what was possible. He’s taught me so much both on a personal level, but in regard to business too; his expertise and experience has helped shape OSC into what it is today. Some will say I’m a chip off the old block, and I couldn’t agree more! What has helped your business survive and thrive to date? As a family business with family values at our core, our team is really tight knit. I’m a great believer in a business being the sum of its parts. This has helped, and will continue to help, us stand the test of time. We wouldn’t be where we are today without my leadership team, our members and our learners. Many students come to us because they aren’t fulfilled in their current job or they have personal reasons which impact how they can study. We feel fortunate to have helped a lot of people through some really dark times in their lives by giving them something else to focus on – that’s what gets me out of bed in the morning. I’m still relatively young with plenty of ambition, and OSC still has lots more opportunities for growth. We have some very exciting plans for 2022 and there is plenty more that we can achieve to truly help people become empowered to move forward with their goals. We love seeing our learners progress into new roles, achieve the promotion they’ve had their eyes on for a while, or learn new skills because they wanted to do something for themselves. Being part of that keeps us striving for more. What values are important to the family and the business? Our values are excitement, ambition and togetherness. The business was built on family values, so they’ll always be at the core of what we do. Do you build the family ownership into the marketing and brand narrative and if so, how? We consider ourselves a family business with over 100,000 members. Education is more than textbooks and classrooms, thus the backdrop of ‘family’ permeates through our business and how we work with students. It’s these family values that are built into our brand, narrative, and all of our marketing activity. Everything we do is centred around our family of colleagues and students, and through our diverse and flexible offering, we empower every member of our family to flourish and achieve their goals. I believe this is why we have continued to thrive into the second decade of operation. What do you think makes working in a family business special? You always know that whatever happens, family has your back and supports you through the tough times as well as the good. For our team members outside of the family, I think they also feel differently working within a family-run business. I’d say this is because we’re more compassionate as a team, we understand that family does come before business or work. Whilst we’re all here to do a job, we understand there are other things going on in people’s lives that may demand more attention. Are there any disadvantages associated with working in a family business? I love working with my closest family members, but the one thing that can sometimes be difficult is that you can never truly leave work at the door. Many times, we have ended up discussing business matters over a Sunday roast, or when we’re away on a family holiday. We’ve definitely got better at not doing this as much, but it’s taken many years to finesse! Have you taken any particular steps in terms of governance to help protect the business for the future? Funded personally by our family, OSC has come a long way since starting out. What remains firmly intact is the family ethos that underpins the business. Courses and materials are under constant revision based on feedback as enhancing every element of our offering to provide a high-quality student experience is essential to the future of our business. It’s taking product and service innovation steps like this that has allowed OSC to continue to dominate the sector. We also always try to follow a strategy, or a business plan. We look two to five years into the future in terms of where we want to be, but also take opportunities as they come, meaning sometimes big initiatives can get pushed back. We look at budgeting, team structure, and strategies through different departments to bring together a full business strategy. We also always monitor current trends, sector changes and our competitors, trying to be one step ahead. Board meetings are also standard practice which we’ve done for years, and these help to shape our short, medium and long term plans. The global pandemic has had a severe impact on education around the world but we’re proud to be in a privileged position to be able to adapt to the unexpected challenges and embrace innovation to support not only our learners, but go above and beyond to support those less fortunate. Adapting to suit the needs of our audience are steps we’ve taken to ensure the business is protected for the future. As a family business, consistent growth to us means ensuring that high-quality education remains accessible, no matter what. Is there a next generation in the wings? Not as yet… unless you count my three-year-old nephew! What advice would you give to anyone in the next generation considering joining their family firm? If the business or sector is one that you’re interested in and something you think you could become passionate about, definitely go for it. It’s hard work, but worth it. You’ll have a lot to prove to people outside of the family that you’re in the role for your experience, skills, and ambition, but if the job is right for you, those qualities will shine through. It’s also sometimes hard within a family business not to take things personally, so if you have a sensitive nature you may find it tough at first, but you will understand in time that it’s just business, and nothing against the family itself. If you could talk to your younger self before you joined the business, what would you say? I’ve been faced with some adversity when building the business, and I still think to this day it’s because I’m a woman. That and the fact that I was 18 when I started the business with my dad. I think because of this I’d tell myself that some people will wonder if you can do the job effectively but one day, you’ll prove that no matter what your gender or age, you can do anything you put your mind to. As long as you have the passion and excitement for what you’re doing you’ll succeed. You’re in this for the long haul and be prepared for the tough times as well as the easier times! You will get through them both, especially with a good team around you, so choose wisely. If you could sum up the family business in three words, what would they be? Ambitious. Exciting. Together. Find out more by visiting their website here

This feature formed part of the KPMG series, “ Philanthropists in Action ,” a case study series which looks at emerging trends in the philanthropy landscape, as the ESG agenda and creating social impact climb the priority list of Family Offices and ultra-high net worth individuals (UHNWIs) around the world. “Philanthropy and family businesses have been at the heart of African culture for generations,” says Tsitsi Mutendi, Co-founder of the not-for-profit African Family Firms (AFF). “They sustain families, friends and neighbours, often growing into multi-billion-dollar enterprises.” “As Africans, we practice ubuntu. It is not about me, it’s about us. I am part of an ecosystem of other people that sacrificed their time, their resources for me. And we do the same.” She explains, the practice of giving reflects the spirit of Ubuntu, recognizing that the wellbeing of one is deeply connected to the wellbeing of others. Tsitsi is a third-generation entrepreneur, and in addition to her leadership of AFF, manages a successful publishing company and a Montessori school. She follows in the footsteps of her parents, grandparents, and her in-laws, the Mutendi family, who built a successful church, as well as a number of successful family-managed businesses. Philanthropy has been at the heart of the Mutendi family for over 100 years. “Ours was a home that was always full of children that needed a place to stay, someone to talk to, or to help with schooling,” says Tsitsi. Family business in Africa has not always received its fair share of attention. Despite sitting at the economic heart of the African continent, creating wealth for communities, and driving philanthropic activity, African family businesses are sometimes overlooked, under-documented, and unsupported. That is changing, driven by the passion, enthusiasm, and unending efforts of community leaders like Tsitsi. AFF was established a little over 2 years ago as a not-for-profit organization to support and facilitate the continuity of African family businesses across multiple generations. “The world is now looking at the continent because it is the last frontier,” explains Tsitsi. “We have so many resources and the youngest population on earth. We have so much, yet other people are identifying what we have.” Tsitsi explains that creating the AFF, was about recognizing that the conversation in Africa has to shift from political to economic. “We have to identify what we have, start learning from the mistakes of others, and create our own narrative, identifying the things we’ve done well,” says Tsitsi. Tsitsi’s approach to philanthropy demonstrates an upbringing where philanthropy was an everyday part of family life. “My mom was a philanthropist. If someone lost their parents, they came to stay with us. If they needed help, they stayed. It takes action to change the narrative; one dollar to change the story. That’s true philanthropy,” says Tsitsi. African Family Firms – how AFF is making a difference The AFF seeks to facilitate the continuity of African family businesses across generations, promoting the positive impact they have on the economy and, importantly, society. It is built around four pillars – community, research, academic education, and advocacy – providing an open and safe space for business owners to network and discuss the challenges and opportunities they face, creating, in effect, a peer board. “AFF is leading the discussion on issues that affect family businesses now, that we are part of a global audience. We recognize our history and our struggles; and in acknowledging that, we can face and step into our future,” explains Tsitsi. The African continent is home to almost two billion people yet has little formal education available for family businesses. Generations of future business leaders are leaving the continent to learn, bringing back knowledge and insights from other places that creates significant gaps in the African perspective. The AFF will shortly take over the Galliard Institute, renaming it as Galliard International and creating a world-leading family business adviser centre of learning. The final pillar is advocacy, with the AFF lobbying government seeking change in the legal system to encourage family businesses to thrive and grow. “As a solid group of family businesses, speaking with one voice across industries, creating a family business desk on government ministries, we can start creating change,” says Tsitsi. Put simply, successful family businesses mean healthy thriving communities. More money in Africa is spent by Africans on Africans through philanthropy, or Ubuntu, than through foreign aid. A spirit of Ubuntu A spirit of Ubuntu underpins the AFF, just as it underpins family life. “It is not about me, it’s about us,” Tsitsi explains. “I am part of an ecosystem of other people that sacrificed their time, and their resources for me. And we do the same.” “More money in Africa is spent by Africans on Africans through philanthropy, or Ubuntu, than through foreign aid. When we see neighbours not having food and share a meal or buying a neighbour’s child a stationary pack for school, that is real philanthropy, yet it is not documented. You may not see the benefit, but that is not the point. You give because you want to make a real difference.” Impact and collaboration Tsitsi emphasizes the need for collaboration as fundamental in achieving scale in Africa, whether that is through education, healthcare, environmental projects or supporting businesses. “When you work with other people, there are more ideas and more ways of creating synergy and opportunities. There are always ways to collaborate if you speak to people, government and organizations and find out what really matters to them.” Tsitsi points out that by identifying opportunities to help and― uncovering the areas where others may be lacking before finding people who are passionate about those areas with whom you can connect them, can make a greater impact. The importance of measuring that impact is not underestimated by Tsitsi. She says the AFF works to measure impact when change is seen. “The AFF is empowering family businesses,” says Tsitsi. “All of these things we do are coming together to be used by family businesses. They may not be used immediately, but we are documenting activity and mapping individual journeys. At some point, when the tide changes, when people need this information, it will be there. When you look at philanthropy, the measured impact isn’t immediate. It is never going to be.” Learnings for other philanthropists It is here that Tsitsi offers advice to philanthropists starting their own philanthropic journeys. “Make conscious giving decisions because it can be tiring if you feel like you are giving and giving, yet not seeing results. Ask whether they need that gift and will they know what to do with it? Understand the people you are supporting so you understand what they need and what they do not.” In other words, setting objectives that align to the values of both the individual philanthropist and the organization is key for all. “Don’t be the person that gives and then just walks away. Identify what you want to achieve and help see it through.” Find out more about Tsitsi and her work here This article was first published by KPMG and has been republished with their permission.

This feature is a part of the KPMG “ Philanthropists in Action ” case study series, which looks at emerging trends in the philanthropy landscape, as the ESG agenda, and creating social impact climb the priority list of Family Offices and ultra-high net worth individuals (UHNWIs) around the world. C. Hoare & Co. is the UK’s oldest private bank, founded in 1672 and still family owned, with a long history of philanthropic practices across its 11 generations. This culminated in the formal appointment of a Head of Philanthropy in 2018, an appointment bestowed upon Rennie Hoare one of the bank’s youngest partners. Rennie had enthusiastically advocated for the need for such a role, to provide greater structure and focus to the philanthropic activity of the family and the bank in order to increase the impact it could have on the communities it served, and strengthen the involvement of its customers on this mission. The Hoare family and the bank already had a strong foundation in giving, directing 10% of the bank’s profits on an annual basis to the Golden Bottle Trust, a foundation established in 1985 to further the family’s philanthropic work The Golden Bottle Trust operates quite differently from other family foundations, reflecting perhaps the size of the family behind it and its unique relationship with the bank. Family members with a deeper involvement in the Golden Bottle Trust have a discretionary pot that they can allocate to charities they know well, without first having to go through the committee process. For example, when the COVID-19 crisis hit, this allowed family members to react and support charities responding to the situation in a timely way. Creating new ways to engage the extended Hoare family in giving programs has also been a successful approach to maximizing the impact of the Trust. “There are 2,400 direct living descendants of the bank’s founders,” explains Rennie, “and they too can apply for a grant of up to £5,000 to give to a charity in which they are closely involved. In addition, a Family Forum has been established through which decisions are made on how to allocate funds to a selection of trusted partner charities. These partnerships and networks facilitate the possibility of unrestricted grant making, allowing for the most impactful work to be achieved. “We make some 300 grants each year in this way,” says Rennie, “and while they may not always be large, they do embed us in the charity sector. “At a more strategic level, we carve out a third of each year’s grant-giving to go to just 10 charities via our large donations panel. We look to find charity partners we can trust, we get to know them, and then provide unrestricted grants. We do not want to tie them in knots with lots of reporting and gating; we want them to get on and do things.” That is not to say, however, that reporting isn’t important. It is something, says Rennie, that is approached in a slightly different way. The Trust also employs some creative strategies to help engage bank employees in philanthropic programs and opportunities to give, including through employee-matching programs. “We operate a give-as-you-earn scheme for our bank staff, where the Golden Bottle Trust contributes two pounds for every pound given by staff. It’s an amazing maximizer, with over £280,000 given by staff last year.” Uniting A Community As part of his efforts, Rennie established a community of giving amongst C. Hoare and Co. extending beyond customers to wider stakeholders, creating a forum for like-minded customers to meet, showcase charities and their work, while learning from each other’s successful, and sometimes less successful, philanthropic endeavours. This was also a source of ideas and inspiration for Rennie as he continued to expand on the organization’s direct philanthropic efforts. “There has always been a passion for philanthropy and the charity ecosystem,” explains Rennie, “and particularly on improving the way charities operate, and I approach my role from that perspective. I am passionate about improving the way things flow.” In 2011, C. Hoare and Co. would become the first UK bank to create a donor-advised fund, now with over £220m in assets, representing 10% of the UK donor-advised fund market. Snowball In 2016, the Golden Bottle Trust launched its first social impact investment fund, Snowball, with the aim to change the way the charity investment market operates. “We are trying to establish a strong sense of accountability in where funds go; there is a risk with charitable trusts, that if you are grant-making and holding a sizeable investment portfolio invested in companies that are causing damage to society at a greater rate than the good you are doing, well, that is untenable. Snowball is much more about harmonizing grantmaking and investments. We espouse the view of what we call total portfolio impact, where both grants and investments are set out to do intentional good.” To support this, the Trust made a decision in recent years to ensure that 100% of activity invested goes towards social impact investments. “For us, it’s crucial that we understand the impact of all the things we are doing through the charitable trust.” Snowball’s mission is not insubstantial, with the bank looking to make the fund available to a wide range of individual investors. “We want to see Snowball replicated by other fund management firms and think about what the next wave of capitalism should look like, where financial, environmental and social returns are considered,” says Rennie. Advice For Other Philanthropists Rennie recognizes that it can be daunting for those starting on a philanthropic journey, often looking impenetrable to the outsider. That can disengage individuals from taking the first step. “Philanthropists are, naturally, very generous with their time, so if this is something you wish to explore, talk to friends, your advisers and your network. People will want to share, support and encourage best practice.” He emphasizes the importance of focusing on areas of passion, rather than on trying to support every support-worthy organization. “Focus on what you really care about. That may sound trite, but there are over 168,000 charities in the UK and if you spread yourself too thin it can become quite disengaging. Your impact will be minimized.” About The Golden Bottle Trust The Golden Bottle Trust was established by the partners of Hoare & Co in 1985. Since then, it has supported the philanthropic commitments and principles of the Hoare family. Each year, the partners donate up to 10% of the bank’s profits to the Golden Bottle Trust: the money is used both to support charities in that annual cycle, and to create a reserve to support future giving. 100% of this reserve is invested into social impact investments. The Golden Bottle Trust also supports staff participating in the bank’s Give As You Earn (GAYE) scheme by double-matching their charitable donations. At present, more than 40% of our staff participate in the GAYE scheme. This is one of many ways in which Hoare & Co look to fulfil the bank’s purpose as ‘good bankers and good citizens’. This feature was first published by KPMG and has been reproduced with their permission.

Games to Get is a family business that was co-founded back in 2011 by Mark Evans and his eldest son Luke. Mark has a long history of involvement in the family business sector through an assortment of roles and positions which has been invaluable when it comes to building his own family firm. The business is based around the creation of games with a strong underlying purpose of supporting people’s social health. Paul Andrews spoke to Mark, CEO, to find out more. When was the business founded? Games to Get was set up on 11th January 2011. What does it do? We publish games and provide team building services under the trade mark ‘Sussed’. We chose that name because players have to use their powers of intuition and social deduction to suss each other out. Our mission is to support people’s social health – a person’s ability to form strong healthy relationships with other people. Not many people know social health is a thing, even though we’re all social detectives at heart. So we conducted some research with the University of Hertfordshire. It shows that social health is just as important for wellbeing as physical and mental health, something that has really come to the fore in the past couple of year with with Covid. As if to back this up, I received an email from the CEO of a 140-year old family business in December 2020. He said he was putting together a goodie bag to give his employees something to smile about after a difficult year. He asked for 70 of our games to add to it. A few months later a mental health charity told us how they’d sent 60,000 of our cards to over 6,000 workplaces, schools and individuals across the country to help get people talking about mental health. Before that, a school for special needs education wrote to me to say that they had made our card games part of their programme. Christmas 2021, another company asked for 200 games for their staff hamper, because they couldn’t have a staff party. Tell me a little about the history of the business? I got the game inventing bug from my dad who used to pitch ideas to toy companies in his spare time. We often used to work until the early hours of the morning. Needless to say, it’s incredibly difficult to create something new that people want. Although I went into banking, I never let go of inventing games as a hobby. What generation are you and what are your first memories of the family business? I’m first generation and all I can remember is spending evenings and weekends playtesting and building prototypes and more playtesting. My full-time job kept me working long hours, so it was a case of fitting everything else around that. Are there any other family members working in the business? Yes. Luke, my eldest son, is our Chief Product Officer. One of his favourite things to do as a kid was create games for himself and his brother to play. Rose, my wife, is our Chief Operations Officer. She’s always loved playing games, but didn’t ever expect to be involved in creating one. Josh, my youngest son, is our Digital Officer. He’s a massive board game fan as well being the proud owner of our lucky mascot – his dog Chip. How important was the business in your life as you grew up? The idea of starting a business was very important. I’m sure it had a lot to do with the fact that my parents both tried to get different businesses off the ground. My mum, who was French, set up a business importing pastries from France. The rum babas were very tasty! In addition, as the founder of the JPMorgan Family Business Honours, Coutts Prize for Family Business and Coutts Institute, I was constantly inspired by the family businesses I met. What was your journey into the family business and what do you do now? I exhibited my first prototype game at a London Toy Trade Fair in the early 80’s. It was a strategy game called Mindz that started where chess left off. Sadly my dad had passed away, but my mum came along to cover the stand while I talked to potential buyers. Although nothing much came of it, I learnt tons. Over the next ten years, I worked on a number of different game projects. It led to my taking a break from banking to start a mobile games company at the end of the 90’s. Like a lot of other fledgling businesses, it didn’t survive the dot.com bubble, but it was an amazing experience. Ten years later, Games to Get was born with Luke focussing on product development. With over 6,000 reviews on Amazon, we seem to have struck a chord. Today I’m the Chief Susser, which means I do a bit of everything! What do you think will help your firm stand the test of time? Planning for the business and the family are going to be key. Although there are massive uncertainties, we all know it’s essential to be able to describe where the business is going and how we’re going to get there. We were very dependent on Amazon sales for the first ten years, but we’re pivoting to other channels now. We realise it’s just as important to be able to share our personal aspirations to be sure the long-term vision for the business and the family are aligned. It’s also essential to have a sense of purpose. When we get so many varied comments like this ‘We’re a pretty quiet and reserved group of people and rarely talk about anything personal – so this is a great way to get into meaningful conversations in a fun way”, we know we’re on the right track. What values are important to the family and the business? Innovation has always been a strong value of ours. In the beginning it was about creating new products to expand our existing range of games. Last year we started a series of online focus groups with 100 people from different walks of life that we didn’t know. Some of them were families, some were friends, but a lot were work teams. We’d host, they’d play test and eat pizza in their lunch break, or crack open a bottle of something at the end of the day. The feedback was so positive, it gave us the idea of launching a virtual and in-person team building service. Studies show that the better teams know each other, the better they work together. Entrepreneurialism is another key value. With that in mind, we’re launching our first Kickstarter (crowdfunder) in June. Luke is leading the Project. It’s a new Adventure Personality Game set in a fantasy world. Players tell the story of who they are by the choices they make. We’re very excited about bringing more families, friends and colleagues together to have the best conversations they’ve never had. Do you build the family ownership into the marketing and brand narrative and if so, how? We’re big believers in promoting the virtues of being a family business. We talk about it in discussion with suppliers and customers. We feature it on our website and marketing materials. We think being part of the family business community can be a major competitive advantage. It’s also a great conversation starter. We’ll certainly be bigging it up for the Kickstarter! What do you think makes working in a family business special? Working towards a common goal with people you trust and care about is hard to beat. We don’t think twice about putting in the hours to make the business a success, because we’re all involved in the decision making. Although it’s not easy, it’s very rewarding when we’re able to make things happen together. Are there any disadvantages associated with working in a family business? Lots. Deciding what is best for the family and what is best for the business can mean different things, so it’s important to discuss whether it’s family first or business first. In addition to that, there are all sorts of risks associated with a lack of rules relating to the ownership and management of the business. Generational transfer is probably the biggest challenge. I was a big believer in equal shares for the next generation, but that’s changing because no one else agreed. Ultimately, family risks are much easier to anticipate than business risks, so it’s important to talk about them. Have you taken any particular steps in terms of governance to help protect the business for the future? As a former family business adviser, and previous chair of the Family Firm Institute, governance is never far from my mind. It takes on a different slant, of course, now that I’m a small business owner. Suffice to say, some of what we do is formal and some informal. For example, we don’t have it written down anywhere that I’m Mark to my sons when we’re in the office and dad when we’re at home. (It’s made all the more confusing by the fact that we work from home!) But it does help to know which hat we’re wearing when we speak to each other. Similarly we don’t have a family council in place (there’s only four of us), but we do meet regularly in person and online to make decisions and keep everyone in touch with what’s going on. At the other end of the spectrum, we’ve adopted certain structures like the Games to Get Charities Trust. That’s because we decided to donate 10% of our profits to charitable causes from the start. Today our giving is very much aligned with our mission to boost social health. This year we’re supporting Age UK (Herts) and the Fiorentini Foundation that helps disadvantaged children via the performing arts. Is there a next generation in the wings? Yes, Luke and Joshua are both involved in the business. They started on a consultancy basis before taking on defined roles. In addition to their passion for games they each bring unique skills and a different focus. We talk a lot about what they want out of the business and how we should plan for succession. Ultimately, we all believe in the ‘principle of excellence’ at the top. That’s another value of ours. And it means my position is under review just as much as anyone else’s! What advice would you give to anyone in the next generation considering joining their family firm? I’m a big believer in giving the next generation the opportunity to flourish outside the family business. I think having the chance to experience different industries, corporate cultures and management styles can be invaluable. Luke and Joshua have both done a few things outside Games to Get. I’ve no doubt they will want to do a few more. If you could talk to your younger self before you joined the business, what would you say? Focus on what you’re good at. Although I learnt a lot from setting up the mobile games company, I didn’t understand software well enough to make it a success. Today I can find my way around the basics of Adobe Creative Suite, but I’m happy to let my sons take the lead in everything from mobile app to website development. That said, I’ve still got a bit to teach them on financial management! If you could sum up the family business in three words, what would they be? Social Health Matters Find out more about the business by visiting their website here

Managing your finances takes time and energy, something we mostly learn as a life skill as we progress through our careers. Unfortunately, financial wellbeing is still a subject most people in the workplace were never taught or received guidance on; we simply learnt from our parents or developed it from experience and our mistakes. In our early working years, we move from one payday to the next, occasionally wondering why we have run out of money a week before we get paid, Adrian Firth, Employee Benefits Consultant from Mattioli Woods shares his thoughts on how to plan for financial wellbeing. That is why managing money and finances takes effort and yet we all suffer from a little laziness from time to time. Having a financial plan requires just as much effort as keeping fit or mentally looking after ourselves. In fact, money issues and worries can have a detrimental effect on our mental wellbeing and vice versa, which is why it is important to continually learn and develop our financial skills. So back to my original point, that financial wellbeing takes effort. If you wanted to get fit, would you not take the time to join a club and start to build up your training? Finances are no different – there are many online resources that could be your ‘club’. Being financially sound is not about how much money you have; it is about making the best use of what you have and the continual learning you undertake and put into practice. In the exceptional times in which we live, I can see why people might worry about pensions and investments, market conditions and global commerce. There are endless news articles with real or potential worries and threats; however, I believe there are three simple, basic steps we can all take that will help us improve our financial fitness and financial wellbeing: Budget It does not matter how much money you have or how much you earn, if you do not have any plan in place then you are unable to plan ahead. All it takes is a spreadsheet or a budgeting app and you can start to take control. A budget is becoming essential for our financial lives, as many financial decisions are based on our ability to repay and our disposable income. It is not just about covering the bills and whatever is left is spending money; we need to allocate a budget for everything from rent or mortgages through to food, clothing and socialising. Having control over money is an essential step to creating financial security. Emergency Funds Many UK workers do not have anything to fall back on should the worst happen. Most are still moving from payday to payday without putting anything aside. There are many opinions on how much you need, ranging from two months’ to six months’ worth of salary, but it starts with having an element of savings in your monthly budget. An emergency fund needs to be there when you need it but not readily spendable. So, invest this fund in a bank or building society savings account that can be accessed through a branch or an online transfer, but NOT in your regular bank account (where you will spend it!). Try Not To Worry This one is always counterintuitive as we naturally worry when things start to get out of control or if we experience any financial difficulties. Rest assured, there are ALWAYS solutions to every financial problem you might have. The financial services industry and the Government really do wish to treat people fairly and with compassion, to find a solution to any issue a person has. If it is debt, there are charities and Citizens Advice with multiple solutions; if it is income, then your employer and your local council can help; if it is savings and investments, then speak to advisers and/or your bank. If you just put your hand up, you will find help is very forthcoming. So, having good financial wellbeing is not hard; it just means we need to spend time and effort to make things better for ourselves. Taking time to manage the money in and the money out is essential and starting the savings journey will help greatly with our financial security. Seeking help is essential – we all need a helping hand from time to time.

The UK’s largest family-owned furniture retailer, has scooped three major awards at a prestigious awards ceremony, celebrating the very best of British family-run firms, organised by Family Business United. Furniture Village was named Supreme Champion Family Business of the Year, Retail Family Business of the Year and London & South East Family Business of the Year at the 2022 Family Business of the Year Awards, that took place virtually this week. The retailer was recognised for its consistently innovative approach to retail, rich and meaningful family-first culture and strong growth performance, delivering sustained competitive advantage. Charlie Harrison, commercial director at Furniture Village, pictured with his father Peter, comments: “We are humbled to have won not one, but three awards at the Family Business of the Year Awards.” “Our philosophy of ‘doing it right’ spans across our entire business, and it’s a real testament to our staff and stores to have won all three awards.” “Family is the lifeblood of our business, not just the Harrison family, but many other families that put their heart and soul into making our business what it is today.” Businesses were judged on a host of criteria including philanthropic activities and post-pandemic challenges, as well as how much involvement family members play in the day-to-day operations. Family Business United’s managing director Paul Andrews comments: “It is an absolute honour to champion Furniture Village, celebrating the immense contribution they make to the local, regional, and national economy. Furniture Village’s contribution deserved to be recognised and the Family Business of the Year Awards celebrate the very best of British, family firms that have a narrative, clearly defined values, and a real sense of purpose.” Each win was warmly welcomed after overcoming a number of challenges set upon the retail industry throughout the past two years. Paul Andrews adds: “Family firms are the backbone of the UK economy and across the UK they will be vital as the economy recovers from the events of the past few years. Congratulations to Furniture Village for each truly deserved award.” Charlie Harrison concludes: “It’s fair to say we’ve been challenged on a number of occasions over the past few years, yet through all of this, we’ve achieved a remarkable milestone of our biggest turnover ever." “From post-pandemic recovery that has seen supply chain pressures, to world-wide shipping issues for the entire consumer industry, this fantastic milestone brings us back to our philosophy of ‘doing it right’, showing we can pull through and take a magnificent win along the way.” The awards ceremony, which takes place annually, was sponsored by Mattioli Woods amongst others. In light of the success of previous years and the benefits associated with virtual events, Family Business United took the decision to conduct the awards online again, allowing those involved to share the event with family members and colleagues to watch and celebrate across the nation.

The latest figures from HM Revenue and Customs (HMRC) show that inheritance tax receipts received by HMRC increased by £300 million to £1.8 billion in the three months period of April 2022 to June 2022. This is an increase from the same period in the previous year, and continues the upwards trend over the last ten years. One in every 25 estates pay inheritance tax, but the freeze on inheritance tax thresholds, inflation at its highest level for 40 years and decades of house price increases are bringing more and more estates above the threshold. For those that are paying this death tax, Wealth Club calculations suggest the average bill could increase to just over £266,000 this tax year. This is a 27% increase from the £209,000 average paid just three years ago. Inheritance tax is typically paid at a rate of 40% over certain thresholds (noting you can pass on money IHT free to your spouse or civil partner, whose enlarged estate could then be subject to IHT when they die). The main threshold is the nil-rate band and applies to the vast majority of people in the UK, enabling up to £325,000 of an estate to be passed on without having to pay any IHT. There is also a Residence Nil Rate band worth £175,000 which allows most people to pass on a family home more tax efficiently to direct descendants, although this tapers for estates over £2 million and is not available at all for estates over £2.35 million However, the nil-rate band has stayed at the £325,000 level since April 2009. Inflation has risen 45% over this time and average house prices have increased 67%. Alex Davies, CEO and Founder of Wealth Club said: “The Treasury raked in an extra £300 million from inheritance tax from May to June 2022 compared to the same three months a year earlier, this increase is being fuelled by soaring house prices and years of frozen allowances which are now being decimated further by rampant inflation. Currently just 4% of estates pay inheritance tax, but given the nil-rate and main residence nil-rate bands are frozen until at least April 2026, it is likely the estates of many individuals with more regular incomes and average value homes, will end up getting caught out by this most hated of taxes.” “Moreover, with the government purse under pressure from all angles there is unlikely to be any respite from this soon. The good news however is that there are still lots of perfectly legitimate and sensible ways to pass on money free on inheritance tax to your heirs and it is for this reason that inheritance tax in some circles is referred to as a ‘voluntary tax’.” 1. Make A Will Making a will is the first step you should take. Without it, your estate will be shared according to a set of pre-determined rules. That means the taxman might end up with more than its fair share. 2. Use Your Gift Allowances Every year you can give up to £3,000 away tax free. This is known as the annual exemption. If you didn’t use it last year, you can combine it and pass on £6,000. You can also give up to £250 each year to however many people you wish (but only one gift per recipient per year) or make a wedding gift of up to £5,000 to your child; up to £2,500 to your grandchild; up to £2,500 to your spouse or civil partner to be and £1,000 to anyone else. 3. Make Larger Gifts Pass on as much as you like IHT free. So long as you live for at least seven years after giving money away, there will be no IHT to pay. 4. Leave A Legacy – Give To Charity If you leave at least 10% of your net estate to a charity or a few other organisations, you may be able to get a discount on the IHT rate – 36% instead of 40% – on the rest of your estate. 5. Use Your Pension Allowance Pensions are not usually subject to IHT – they can be passed on tax efficiently and, in some cases, even tax free. If you have any pension allowance left, make use of it. 6. Set Up A Trust Trusts have traditionally been a staple of IHT planning. They can mean money falls outside an estate if you live for at least seven years after establishing the trust. The related taxes and laws are complicated – you should seek specialist advice if you’re considering this. 7. Invest In Companies Qualifying For Business Property Relief (BPR) If you own or invest in a business that qualifies for Business Property Relief – the majority of private companies and some AIM-quoted companies do – you can benefit from full IHT relief. You must be a shareholder for at least two years and still be on death though. 8. Invest In An AIM IHT ISA ISAs are tax free during your lifetime but when you die, or when your spouse dies if later, they could be subject to 40% IHT. An increasingly popular way of getting around this is by investing your ISA in certain AIM quoted companies which qualify for BPR. You must hold the shares for at least two years and if you still hold them on death you could potentially pass them on without a penny due in inheritance tax. 9. Back Smaller British Businesses The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) offer a generous set of tax reliefs. For instance, SEIS offers up to 50% income tax and capital gains tax reliefs, plus loss relief if the investment doesn’t work out. But EIS and SEIS investments also qualify for BPR, so could be passed on free of IHT. 10. Invest In Commercial Forestry This is an underused option for experienced investors. Pension funds and institutions have long ploughed money into forestry. The Church Commissioners has a forestry portfolio worth £400 million. Commercial forest investments should be free of IHT if held for at least two years and on death. You should also benefit from capital appreciation in the value of the trees (and the land they are on) and from any income produced by harvesting the trees and selling the timber (this income may also be tax free). 11. Spend It One sure-fire way to keep your wealth away from the taxman’s hands is to spend it!

With a recent family wealth report by Julius Baer stating that only 1 in 10 ultra-high-net-worth families have a formalised governing body, it’s no surprise that family governance continues to be a significant source of interest for the very wealthy. The continued growth of global wealth and allied growth in the number of family offices around the world means an increasing number of wealthy families will be grappling with the issue of governance and family offices. The latest report (below) from Russell Prior of HSBC Global Private Banking highlights some of the areas for consideration. Russell leads the Family Office Advisory and Family Governance practice for HSBC Private Banking across EMEA. He is also the author of Family Governance and Surplus Wealth: Sustaining Family Fortunes which was published in June 2021. Read the full report here: