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Ernst & Young

Industry outlook: Developing the wealth creators of the future

July 18, 2017

Two factors play a major role in the success of multigenerational wealthy families: they grow their assets well above their consumption rate, and they consistently develop family talent—generation after generation. Developing new wealth creators in a family business is easier said than done. The question is also whether the next generation is even willing to follow in the parents’ footsteps.

How to keep Millennials in line for succession

January 24, 2017

Are robust labour markets and culture shifts drawing successors into sexy start-ups and pushing them away from ‘traditional’ family firms? Scott McCulloch reports

Are robust labour markets and culture shifts drawing successors into sexy start-ups and pushing them away from ‘traditional’ family firms? Scott McCulloch reports

Next-generation successors have long been advised to cut their professional teeth outside the family business before coming in. Yet in an era of globalised economies, where company revenues can grow enormously in a single generation, are family businesses losing their allure for affluent and entrepreneurial Millennials?

Australian family offices buying into businesses and property, says new EY head

November 13, 2014

Australian family offices are investing in business, property and private equity, says the new head of Ernst & Young’s Oceania family office division.

Australian family offices are investing in business, property and private equity, says the new head of Ernst & Young’s Oceania family office division.

They are also hedging globally as part of a generational investment strategy, says Richard Boyce.

The Australian native says the region’s family office market is currently small, but well connected, and dominated by a few advisory firms, private banks and asset managers.

Boyce’s appointment to EY was announced this week.

Saudi Binladin Group plans IPO for key division

January 24, 2014

One of the biggest family businesses in the Middle East could launch its first IPO in a matter of months, according to media reports.

One of the biggest family businesses in the Middle East could launch its first IPO in a matter of months, according to media reports.

Saudi Binladin Group, a second-generation construction company, could list one of its biggest divisions, Construction Products Holding (CPC), as early as June.

Growing appetite for family business IPOs in MENA

January 21, 2014

Middle Eastern and North African family business are expected to show a strong appetite for initial public offerings this year, building on an uptick in listings seen in 2013, according to a merger and acquisitions expert.

Last year, 23 Middle East and North Africa (MENA) family and non-family businesses raised $3 billion (€2.2 billion) through public listings, up 64% in volume and 51% in value compared to 2012.

Ernst & Young’s transaction advisory services leader for MENA Phil Gandier said the momentum for initial public offerings (IPOs) looks set to continue over the next nine months, with a strong pipeline of businesses preparing to list.

Canadian chocolatier wins family business award

September 24, 2013

A Canadian chocolatier that has been in the hands of its current owners for 50 years has been recognised for entrepreneurial achievement over successive generations.

Purdy's Chocolatiers will be presented with the Ernst & Young Family Business Award of Excellence for the Pacific region at a ceremony to be held next week.

Welcome to your new classroom

July 9, 2013

Next gen education is all the rage these days, and rightly so. But some are breaking away from the classroom-based approach and are testing youngsters, not to mention giving their confidence a boost.

Hurtling through the icy tundra north of Tromso in Arctic Norway, with a team of six dogs in front of you and an awful lot of nothing all around, is perhaps not the first place you might choose to do a spot of business education.

New family business online service launched

June 4, 2013

The professional services group Ernst & Young has launched a new family business resource centre to aid its clients and others to pursue best practices in the sector.

Peter Englisch, global family business Leader at Ernst & Young, said: “The Global Family Business Centre provides access to our unique 'growth DNA of family business’ model, which addresses every facet of the personal and business agenda, aligning our personalised range of business services to address the specific needs of each of our clients.

UK businesses lack long-term vision, report

January 18, 2013

Many business owners in the UK are driven by short-term priorities like selling the company to make money and do not pay enough attention to longer-term strategic objectives, according to a new report.

Research carried out by the Economist Intelligence Unit for Ernst & Young found that as many as 85% of business owners in the UK plan to accelerate their divestment plan over the next two years. Of the total, 32% of UK corporations are in the process of, or are planning to divest in the next two years.

Family businesses more resilient, research

September 13, 2012

Family businesses are outperforming non-family companies, with many achieving strong growth in the last year as most firms struggle to generate revenue, according to research from Credit Suisse and Ernst & Young.

The study found that 60% of family businesses surveyed saw revenue growth of at least 5% in the last year. Family firms were also more likely to outperform public companies largely because of their focus on long-term investment, according to the research.