Afinest Internationale Partners
Family Business
To sustain the ongoing success of the Family Business, it is crucial to establish effective plans that address the evolving needs of both the expanding family and the thriving business.
Growing the Family Legacy
A Family Business is generally described as a business where one or more family members hold substantial ownership stakes and are deeply committed to the business. Often underestimated as a type of ownership, Family Businesses can vary widely, ranging from small, locally owned shops to large multinational corporations.
Family Businesses encounter distinctive performance and governance challenges as they grow. Globally, a significant number of family businesses do not endure past the third generation of ownership. Yet, those that do often demonstrate superior performance compared to non-family businesses.
Our Family Business Advisory services include:
- Creation and Implementation of a Family Council
- Formulate Objectives
- Identify Stakeholders
- Family Business Vision, Mission and Values
- Fundamental Principles
- Family Traditions
- Corporate Governance
- Board of Directors Establishment
- Shareholders’ Agreement
- Succession Planning
- Managing and Retaining talent
- Passing on the Baton
- Philanthropy and Corporate Social Responsibilities
- Company Ethical Commitments
- Foundation Management
- Family Constitutions
- Family Employment
- Legacy Planning
- Conflict Resolution
- Sibling Rivalry
- Cousin Consortium
- Next Generation Transition
- Qualities of a Future Leader
- Management Philosophy
To the Next Generation and Beyond
The success of multi-generational family businesses relies on diligence and persistence, rooted in meticulous succession planning. When executed thoughtfully, this process ensures the business gains the best of both worlds: the continued benefit of the founder’s experience and the seamless transition of the successor into their new role.
A successful succession plan requires careful cultivation and can typically take between five to ten years to implement effectively. The founder should set realistic timelines and milestones for the transfer of leadership to minimise disruptions to the business. It is essential for the family to collaborate closely to align the family’s aspirations with the business’s operational requirements.