Succession planning is a valid concern for all affluent families across the map. However, due to various geographical and cultural factors, the Middle Eastern family businesses need to approach the issue slightly differently.
As compared to tradition family offices, the modern ones, focus on making the best use of capital by finding deal flow in emerging markets such as Blockchain or Cannabis. Modern family offices focus on transparency and provide access to in-depth information, which was never available for traditional models. It is mostly because the former focuses on wisely using the money within a client’s lifetime, while the latter had the goal of preserving the wealth for future generations.
Family offices spend years focusing on wealth management and creating investment strategies. However, this isn’t time to kick back and relax until everything goes back to normal. Consider this as the perfect opportunity to make those desperately needed evaluations and changes offered.
Family-owned businesses can have a a big impact on the economy. Lisa Olson (SVP of Family Office Services at Whitnell – Part of Associated Bank) joined Steve Grzanich to talk about just how important they are and the economic impact they can have. During the Associated Bank Thought Leader, Lisa references the challenges theses businesses are facing, and the recommendation she has been giving clients. She also looks ahead to November and how the presidential election may affect family-owned business.
Legacy planning is a sensitive topic for anyone, and the world’s affluent aren’t an exception. Here we’ve gathered five key succession planning tactics observed from the UHNWI worldwide.
First financial steps have been made to cement the planned succession process of Torben Østergaard-Nielsen’s global shipping group United Shipping & Trading Company (USTC), based in Middelfart, Denmark.
Family offices increasingly have to navigate the complexities of cross-border legal issues: a necessary side-effect of globalisation. The family office will consequently need advisers on issues such as tax, estate planning and regulation that covers all countries in the mix, and advice on succession planning is increasingly featuring high up on the family office to-do list.
Succession planning no doubt involves asking and answering some difficult questions; especially for the head of the family or chairperson of the business.
THREE quarters of the top 100 businesses in Northern Ireland are family owned and collectively employ around 52,000 people. They are the backbone of the region’s economy, with more of them operating here than in other areas of the UK.
Samsung heir Jay Y Lee, embroiled in a bribery scandal, on Wednesday apologised over controversial succession plans and said he will not hand over management rights to his children at the family-controlled conglomerate.
