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Practical steps now to support a strategic approach
It’s a familiar warning: the exponential growth of digital technologies is exposing us all to more and new kinds of risk and we all need to ensure that we protect our assets and reputation from attack.
Many family businesses wrestle with matters of ownership and control – how should the family shareholders control, or influence the running of the business? How do you manage relationships between family members in the context of the business? How can family members ensure appropriate access to information on the business without “interfering” with day to day management?
This week, Michelle Osry, a partner in Deloitte in Canada, suggests two books to add to your holiday reading list, and a TED talk for further inspiration.
What can family enterprises learn from the Dalai Lama? Can conflict be reduced to an equation? How can we find lasting joy in this world?
The digital age
With Facebook, Instagram, Snapchat, WhatsApp, text, email and smartphones, it seems it’s never been easier to stay in touch. But despite this, finding the time to talk face-to-face and really build relationships has rarely seemed so difficult. It’s a cliché, but for good reason: we spend so much time talking in the modern world that it can be hard to hear what’s actually being said.
This week, Rudolf Janssen, a Director with Deloitte in the Netherlands, and Hugh Pickering, a Consultant with Deloitte in the UK, talk about the value of stepping back with families to reflect on the process of planning for generational transition.
Discovery, alignment, transformation
When family enterprises undergo successful and sustainable change during times of generational transition, we find that there are three important phases that they must go through, which we refer to as: discovery, alignment and transformation.
Talking about money
I was recently working with a family client when the conversation became rather animated while discussing money. Most of the members of this particular family viewed money in a positive light; as a means to an end, the ability to make choices, the ability to make a difference, a medium of exchange etc. However, for some, money might be viewed as the cause of conflict, the ruin of family life, the lure of the forbidden and the priority of their parents.
In the numerous conversations I have had with both the current and next generation of family business leaders and their families, we have discussed topics as diverse as the smooth transition of leadership from one generation to the next, family charters, setting up family offices, tax and estate planning, growth, strategy, and the overall speed of change in the market.
This week, Walid Chiniara, a partner who leads the Family Enterprise Consulting practice in Deloitte in the Middle East, discusses the delicate act of communication in family businesses.
As a family business advisor, I have observed numerous interactions between family members as owners and employees of their family business.
Succession, transition, change, transformation, adjustment – retirement! There’s a lot to think about as I step down from my role as Vice Chairman at Deloitte UK.
Having spent many years working with families and helping them through the challenges that succession brings, I am now finally doing it for myself. As I approach the end of a long career at the firm, I’d like to share my personal experiences as well as those that I have previously seen in a professional capacity.
At some point in time, many next generation family members will have a decision to make about whether or not to join their family business. This can be an extremely difficult choice, not least because of the tension between the opportunities afforded by family businesses and their inherent complexity.