Full Description
Since the publication of the last edition in 2018, the world has experienced significant change. COVID-19, war, economic downturn and a more urgent focus on climate change are just some of the key events that have led to increased geopolitical risk.
This third edition, co-published with STEP, looks at developments within the approach to family business advising since 2018, taking account of the current geopolitical backdrop and the shift in attitude in a growing number of clients towards succession, philanthropy and investments.
However, for those new to the field there remains ongoing guidance on:
• how to understand the unique nature of family businesses;
• typical family dynamics that impact succession;
• the power of governance in supporting good ownership and management;
• the typical stages of the family business and the key risks that will invariably arise; and
• the different legal and non-legal approaches to tackling such problems.
Featuring contributions from leading practitioners in the field (including the Family Firm Institute, Cambridge Family Enterprise Group, KPMG, Rawlinson & Hunter, JTC Private Office, Boodle Hatfield, Forsters, Farrer & Co, Wedlake Bell, Schillings, HSBC Global Private Banking, Stonehage Fleming and Rothschild & Co), this comprehensive handbook makes essential reading for all practitioners who advise business families, including lawyers, accountants, financial advisers and wider family business advisers.
Contents
About STEP 7
Foreword 9
Clare Stirzaker
Boodle Hatfield LLP
Part I. Setting the scene
Understanding the family business mindset: an evolutionary approach 11
Justin B Craig
Tecnológico de Monterrey; Kellogg School of Management; Bond University
Catharina C Jecklin
Bond University
Clarifying purpose and values: guiding families towards meaningful goals 23
Catherine Grum
Catherine Grum Consultancy Ltd
Theories and models in family enterprise advising 35
Patricia M Annino
Rimon Law
Judy Green
Family Firm Institute Inc.
Part II. Stages of the family business
Structuring the family business 51
Toby Crooks
Katharine Haggie
Hiral Kanzaria
Rawlinson & Hunter LLP
The value of family governance 67
Ken McCracken
MFBC Limited
Stages of the family business 77
Yannick Archambault
KPMG Canada
Kaajal Prasad
KPMG Australia
Advances in human longevity and the impact upon family business transition plans 91
Hayden Bailey
Boodle Hatfield LLP
Next-generation planning 107
Matthew Fleming
Stonehage Fleming
Maria Villax
Bedrock Group
Part III. Succession
Preparing for transfer of ownership 121
Dan Frosh
Family Firm Institute Inc.
Andrew P Hier
Cambridge Family Enterprise Group
Trusts and family businesses: the ideal succession solution? 137
Nic Arnold
Victoria Blackburn
JTC Private Office
Bryony Cove
Jennifer Ridgway
Farrer & Co LLP
Extracting wealth from the family business 151
Russell Prior
HSBC Global Private Banking
Selling the family business 169
Introduction 169
Clare Stirzaker
Boodle Hatfield LLP
The financial impact of selling the family business 170
Dominic Epton
Katharine Taylor
Rothschild & Co Wealth Management
The process and family dynamic considerations of selling the family business 176
Nick Mayhew
Alembic Strategy
Managing family dynamics: how to improve communication and deal with conflict effectively 189
Tony Cohen
Alexandra Sharpe
Kinestra Partners LLP
The family business - options for preventing and dealing with family disputes 205
Guy Abrahams
Nick Jacob
Daniel Ugur
Forsters LLP
Family businesses and divorce 217
Katie O'Callaghan
Boodle Hatfield LLP
Sophisticated reputation management for family companies 233
Lily Kennett
Victoria O'Byrne
Schillings
Understanding the wealth holder spectrum 245
Matthew Braithwaite
Wedlake Bell LLP
Gina Pereira
Da¯na Stewardship Advisory
Providing advice on philanthropy: why, when and how to raise giving with family clients 257
Emma Beeston
Philanthropy adviser
Beth Breeze
Centre for Philanthropy, University of Kent
About the authors 275
About Globe Law and Business 288
