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…mehr
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.
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
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
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