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Expert commentary
Transgenerational entrepreneurship
While family Businesses are the engine that drives socio-economic development and wealth creation around the world, entrepreneurship is a key driver of family Businesses.
Understanding Succession
Succession is often a misunderstood issue within family businesses. To aid better understanding, BDO Kendalls asked academic family business specialist Professor Ken Moores from the Australian Centre for Family Business at Bond University to consider this issue for us.
Communicating through the generation barrier
For every generation the view of what is ‘normal’ differs creating a gap that inherently separates each generation and ultimately causes conflict. Couple this with the emotional ties found within family businesses and the gap between generations begins to widen.
Business tools
Family business challenge
BDO has launched the Family Business Challenge, an interactive website questionnaire that will explore a series of challenges faced by family businesses and provide some basic suggestions and guidelines on how to overcome these difficulties.
Case studies
Resolving family feudsA client had two brothers, father, aunt and various cousins working for the family business. Unfortunately all is not rosy and an issue simmering between two family members looked like reaching boiling point.
Recruiting outsiders to your family business board
Identifying and recruiting good directors is an achievable task. Seek individuals from similar but unrelated industries, but most importantly, individuals who are willing and able to understand your family’s goals for its family business.
Succession planning
A second-generation family business owner wanted to embark on the succession process into the third generation. There are three children and a nephew currently working in the business of whom two stand out as possible candidates.
Working together
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