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Whilst the news cycle in the UK might have been periodically dominated by sunshine and sport over the early summer, the complexity of world relations, the economy and the use of personal data have never been far from the headlines. The scale of data and the technology available to interrogate it is driving many new ways of working and that is equally true in the world of taxation.
Families are usually a complex mix of individuals with different abilities, attitudes, aspirations and financial needs. Each family member is likely to want different things, and in the context of a family owned business, this can produce tension and discord.
This week Niall Glynn, a partner with Deloitte in Ireland, considers the challenges of encouraging engagement in multi-generational family businesses as the family expands.
I was recently at a client meeting where we were discussing the future evolution of Board membership across the second and third generations of a family business. Over the course of the meeting, it became apparent how little the third generation (the future directors) really knew each other, or had much of a connection with the business. The only shared memories they had revolved around distant interactions as children, and more recent ad-hoc interactions at family weddings as adults.
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?
It’s hard to believe that 2018 is almost upon us, and that a year has passed since our last festive round-up. We’ve had some wonderful contributions from our authors this year, and once again it feels fitting to take a moment to look back on the past 12 months and reflect.
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.