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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.
This week, Niall Glynn, a partner with Deloitte in Ireland, discusses the compensation of family employees.
For family employees in family businesses, compensation can often be one of the primary causes of conflict. It is extremely important to have clear parameters for reward and avoid basing compensation decisions on emotive criteria.
This week, Tam Chee Chong and Cathy Chow from Deloitte in Singapore discuss the effects of Asian culture on succession in Asian business families.
Asia’s business families are in the midst of experiencing unprecedented generational change; the majority are transitioning their businesses from first to second generation, and some are making the transition from second to third generation. For many, family values, underpinned by culture, are one of the most influential factors impacting succession planning and the decisions made on that journey.
This week, Eefje Chalmers, a family business advisor with Deloitte Netherlands, considers the potential impacts of using technology on families and their organisations.
The internet is one of the greatest inventions. Few other things have so radically shaped culture, media, commerce, entertainment and communication. But as with many things, these benefits can have a downside, especially where family, wealth and business collide.
This week, Joanne Whelan, a partner with Deloitte in Ireland, looks at conflict in family businesses.
It is no secret that family businesses are complex. This complexity arises from a mixture of family chemistry, diverse family priorities, and the organisational challenges and opportunities which most businesses face. It can often lead to a degree of conflict in family businesses - lines may be more easily crossed and disagreements can become more heated, and personal relationships with family members can cloud judgement when it comes to making business decisions.
This week, Peter Pagonis, a senior partner who leads Deloitte’s Family & Individual Wealth practice in Australia, discusses the benefits of introducing a family council governance structure.
We often hear about how having a family council can be hugely important for family owned businesses. They seemingly bridge the gap between family and business, and in the best cases, manage to simultaneously meet the needs of both.