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Empowering the Future of Family Business a Four-Part Article Series of Research-Based Practical Insights

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Empowering the Future of Family Business a Four-Part Article Series of Research-Based Practical Insights Empowering the future of family business A four-part article series of research-based practical insights May 2021 home.kpmg/privateenterprise thestepproject.org Empowering the future 01 of family business About the STEP 2019 Global 02 Family Business Survey 04 The courage to choose wisely The power of women in 24 family business Creating value through 42 good governance The enduring legacy 64 of business families Family business 78 profiles Table of 118 Methodology note contents 121 Acknowledgments Family Business 121 leaders STEP Project Global 121 Consortium 122 Case study authors KPMG Private Enterprise 123 member firms About the STEP Project 124 Global Consortium About the KPMG Global Center of 124 Excellence for Family Business 124 About KPMG Private Enterprise 125 Editorial board © 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. © 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. Empowering the future of family business A four-part article series of research-based practical insights hether you are a first-generation founder One of the important factors we have identified is with a successor in the wings or a fifth- related to demographic changes that are influencing Wgeneration family enterprise, many the career opportunities and choices of many family important choices and decisions lie ahead for your members. Some have grown up in the family business and your family — and those businesses of business and it is part of their DNA. For them, joining every age and stage in between. the family business is a clear choice. For others, that path may not be so clear. What do your family members really want from the business? What aspects of your business should you We wanted to understand how the impact of keep and what should be changed or let go? What changing demographics may be influencing the are the skills that you will need to take the business steps that family businesses are taking to sustain in a potentially new direction and who has those their growth, vitality and competitiveness. Insights skills? How do you choose a successor who is right into this question were captured initially in the for today and for the foreseeable future? What are the STEP Project 2019 Global Family Business appropriate family governance structures that need to Survey. More than 1,800 family businesses be in place to sustain your business success across across the globe contributed to the survey. The generations? And how can you make sure that those data analysis was then complemented by candid leading the business will sustain the family’s values personal interviews with 37 business leaders from and sense of purpose to protect the family’s legacy? every region of the world, who described their firsthand experiences. The Successful Transgenerational Entrepreneurship Practices (STEP) Project Global We are pleased to share these experiences in the Consortium and KPMG Private Enterprise have four co-authored articles included in this collection. come together to showcase the experiences and Each article addresses the ways in which multiple actions of the leaders of all types of family businesses generations within families are having an influence on throughout the world, at different generational stages, critical decisions about succession, governance and who are addressing these and many other questions. sustaining the family’s legacy, as well as the changing Both of our organizations have bridged extensive role and impact that women are having in family family business research and active involvement with businesses. family businesses globally to deliver practical insights and guidance on the actions that many leaders are Here are a few highlights from each article to spark taking to empower the success of their businesses. your interest in reading further. Andrea Calabrò Tom McGinness STEP Global Academic Director, Global Leader, Director, Family Business, IPAG Entrepreneurship & Family KPMG Private Enterprise, Business Center, Partner, IPAG Business School KPMG in the UK Throughout this document ‘We/Us/Our’ means KPMG and the Successful Transgenerational Entrepreneurship Practices (STEP) Project Global Consortium. ‘KPMG’ refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. For more detail about our structure please visit home.kpmg/governance. © 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. The views and opinions expressed herein are those of the interviewees and do not necessarily represent the views and opinions of KPMG. Empowering the future of family business 1 © 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. © 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. “The courage to choose wisely: About the Why the succession decision may STEP 2019 Global be a defining moment in your Family Business family business” Survey Choosing the right leader at the right time can be one of the most critical decisions for securing the continued success of your business. Given the increasingly multi-generational The Successful Transgenerational environment, we believed it was Entrepreneurship Practices (STEP) important to gain a deeper understanding Project Global Consortium and KPMG of today’s family business dynamics and Private Enterprise entered into a strategic the impact that different generations are alliance to conduct research to develop having on succession plans. a deeper understanding of the impact of Key takeaways changing demographics on succession and governance practices for business families. • Expect the unexpected: Family business leaders have a new The STEP 2019 Global Family Business appreciation for succession planning after unexpectedly having to assume report surveyed more than 1,800 family the reins of their family businesses. business leaders from 33 countries across five continents: Europe, Asia Pacific, • Give NextGen a voice: Potential NextGen successors can bring North America, South America and Africa. a fresh perspective that may The survey provided an opportunity for transform some aspects of the the participants to provide their views on family business and, potentially, how changing demographics affect family uncover previously unexplored business governance, succession, societal opportunities. impact, entrepreneurial orientation and • Choose wisely and courageously: performance. A summary of the survey Due to the family’s multiple roles report can be found here. in the business, an entirely new framework may be needed for As a follow-up to the survey, more than defining family business succession and the selection of future 25 personal interviews were conducted successors, a framework that is not with family business leaders (who represent necessarily based on the traditional some of the largest family businesses in primogeniture rule. the world) prior to COVID-19 and following • Know when it’s time to pass the its onset beginning in March 2020 until baton: Formal retirement plans the publication date. The insights gathered provide more certainty and formality from these interviews helped to deepen as to who will assume the business our understanding of the context behind reins and lead to family business the survey results and allowed us to explore prosperity across the generations. these insights further in this article series. 2 About the STEP 2019 Global Family Business Survey © 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. © 2021 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved. “The power of women in family “Creating value through good “The enduring legacy of business business: A generational shift in governance: How to balance what families: Sharing what matters power and influence” is right for the business and right across the generations” for the family” Encouraging studies have examined Family business leaders have emphasized Family business leaders emphasized that women’s changing roles over the years. that it was essential for them to have business and family legacies are not only However, studies that examine the future formal governance practices in place
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