Governance
An inconvenient side effect to living in today’s fully digitised world is that threats have also gone digital—become more difficult to discover, track and neutralise. All financial institutions are now faced with the colossal task of protecting against increased threats to their business, no matter how ‘under the radar’ their profiles have traditionally been—family offices included.
Walmart is disappointed with festive consumer spending and Asda but online sales up 35%, JCB cuts UK production as the coronavirus hits Chinese suppliers, and fifth-generation US newspaper dynasty McClatchy Co files for bankruptcy.
A significant number of family businesses do not have a succession plan in place. Failure to address this is likely to be to the detriment of the business in the long-run. The family need to decide what the future of the business looks like, and crucially which family members, if any, wish to be involved.
Inditex pumps $9.2 million into social welfare; Benetton fires photographer over bridge remark; Frederick Koch, US philanthropist, dies aged 86.
Family business involves the informal, the unsaid and the invisible as much as the formal, the said and the visible. It’s all about the past linked to the present and the future with each family member having a unique lens of interpretation that’s relevant and true for them from their perspective.
Agnelli family office weighs selling PartnerRe to Covea for $9 billion, Reimann family looks to float $7 billion coffee empire, L’Oreal family actions next gen succession.
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