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Bringing the next generation into the family business

November 26, 2019

More than half of family offices have a succession plan in place, up a remarkable 11 percentage points in a year, and most (28%) of next gens will take control of the family wealth in the next 11 plus years, at the average age of 45, says The Global Family Office Report 2019. However, the biggest challenge facing the majority (37%) of families is their discomfort in discussing the sensitive topic of succession planning.

UK family business sustainability underwritten by inheritance tax

June 7, 2019

Sustainability, growth and jobs are at stake when the issue of UK family businesses and inheritance tax flares up, say sector experts.

Sustainability, growth and jobs are at stake when the issue of UK family businesses and inheritance tax flares up, say sector experts.

Tax Justice UK’s new research released this week said the British government was handing out up to £666 million ($849 million) a year in inheritance tax reliefs on land and business property to families who were already well off.

Business families consider options as Brexit deadline nears

February 13, 2019

Business families of significant wealth are reviewing the implications of Brexit as the scheduled date for Britain’s withdrawal from the European Union looms.

Business families of significant wealth are reviewing the implications of Brexit as the scheduled date for Britain’s withdrawal from the European Union looms.

PwC has been urging clients to start activating contingency plans in areas where Brexit may affect supply chains and cross-border change. For the sector as whole, many organisations were still waiting to see what the final outcome of negotiations will be before taking significant investment decisions, Peter Englisch (pictured above), global and EMEA family business leader at PwC Germany, said.

Irish family businesses alert to Brexit, succession and cybercrime

January 30, 2019

Slowing growth with Brexit as the obstacle, loose succession planning and the rise of cybercrime are the challenges keeping Irish family business leaders awake at night, according to research.

Slowing growth with Brexit as the obstacle, loose succession planning and the rise of cybercrime are the challenges keeping Irish family business leaders awake at night, according to research.

However, Ireland performed slightly better than global counterparts on particular areas of diversity. A quarter (25%) of Irish family business board members were female compared to 21% global and 28% of Irish family management teams were women, PwC’s 2019 Irish Family Business Survey discovered.

How to gain value from family values

November 8, 2018

Family businesses are being urged to define, strategise and raise public awareness of their guiding principles to give themselves the edge over competitors, especially in an uncertain world.

Family businesses are being urged to define, strategise and raise public awareness of their guiding principles to give themselves the edge over competitors, especially in an uncertain world.

Record billionaire wealth creating new power families

October 30, 2018

A vast increase of wealth among the world’s aging billionaire population is creating a new wave of powerful multigenerational families, according to the new Billionaires Insights 2018 report.

A vast increase of wealth among the world’s aging billionaire population is creating a new wave of powerful multigenerational families, according to the new Billionaires Insights 2018 report.

The world’s 2,158 billionaires collectively increased their wealth by $1.4 trillion last year to $8.9 trillion—the largest absolute increase in billionaire wealth history.

A total of 199 billionaires were created over the year globally, with nearly one-third gaining their wealth through some form of innovation.

FB roundup: Chinese investment, SHV, and Australian succession

April 5, 2018

Chinese investors favour London despite Brexit, SHV profit ‘exceptional’ in difficult year, and Australia’s big baby boom business handover

Chinese investors favour London despite Brexit

Wealthy Chinese families are flocking to London despite Brexit uncertainty, with a 56% increase in Chinese applications for Investor Visas during 2017.

China accounts for just under a third of UK Investor Visa applicants, with London's main drawcards being asset security, commercial property, a weakened pound, excellent private schools, and legal and accountancy expertise, says research from wealth managers LJ Partnership.

European families confident about growth, wary of political contagion

June 22, 2017

European family businesses are buoyant about the business outlook for the next 12 months, but political risks continue to cloud the horizon, a new poll says.

European family businesses are buoyant about the business outlook for the next 12 months, but political risks continue to cloud the horizon, a new poll says.

The European Family Business Barometer 2017, commissioned by Societe Generale Private Banking, found more than 76% of respondents were positive about their business outlook into 2018, with only 4% holding a negative view.

PwC picks Singapore for Asia-Pacific family business hub

May 25, 2016

PricewaterHouseCoopers (PwC) has set up an Asia-Pacific family business hub in Singapore, the island city-state where 89% of family businesses do not have a succession plan.

PricewaterHouseCoopers (PwC) has set up an Asia-Pacific family business hub in Singapore, the island city-state where 89% of family businesses do not have a succession plan.

Sian Steele, PwC UK family business leader who helped established the centre, said issues facing family businesses are universal.

However, Asia Pacific family business owners do not have the networking, communication, and support as developed in mature markets when they confront transition issues from first to second and second to third ownerships, Steele said.

Next-gens keen to employ non-family members, says report

April 20, 2016

Next-generation members of family businesses are increasingly recognising the importance of installing outsiders in senior roles, according to a report.

Next-generation members of family businesses are increasingly recognising the importance of installing outsiders in senior roles, according to a report.

Although nine out of ten next gens have, or expect to have, a governance role themselves in the business, many believe an external hire may be able to contribute more, according to PwC’s Great Expectations: The Next Generation of Family Business Leaders.