KPMG Private Enterprise and the Successful Transgenerational Entrepreneurship Practices (STEP) Project Global Consortium teamed up in 2019 with one goal in mind: to provide family business leaders and business families throughout the world with practical insights and guidance for sustaining the growth and vitality of their businesses.
Through the research, successful best practices are being uncovered, as well as the entrepreneurial challenges facing family business leaders. Combining these practical insights with the broad experience of family business advisers at KPMG has made it possible to introduce a steady stream of powerful practices and research that can empower families to continue to build their entrepreneurial legacies.
The collaboration has helped to broaden the understanding of the impact of changing demographics on the succession and governance practices of business families. It has also provided a first-hand perspective on the opportunities and challenges that lie ahead for the next generation of family business leaders, and practical guidance for continuing to build and sustain their businesses.
The experiences and insights of these family business leaders throughout the world are presented in a four-part series of articles that take a close look at the impact of changing demographics on family business succession, the role of women in family business, family governance systems, and the creation of enduring legacies.
Family business leaders understand that choosing the right successor at the right time is one of the most critical decisions they will make to sustain the success of their business. They also recognize that social, cultural and demographic changes are creating a different outlook and business philosophy among many of their potential successors, including more women who are assuming leadership roles.
In these family business profiles, the insights of family business leaders highlight their views on the importance of retaining the core values of the business, the increasing focus on meritocracy for choosing a successor, the impact of good governance systems and the importance of sustaining their commitment to an enduring family and business legacy.