“Family is about love; business is about making money.” Yet, the two collide in a new report from Women Corporate Directors and KPMG, which explores how effective boards can position family-owned businesses for ongoing success.
The report—Enduring Across Generations: How Boards Drive Value in Family-Owned Businesses (PDF 1.4 MB)—includes insights, lessons learned, and practical governance recommendations, and shares views from owners, board members, executives, and advisors with decades of experience in family business across five continents.
“From helping to define and calibrate the strategy, grooming future leaders, and navigating family dynamics, to bringing independent perspectives into the boardroom dialogue, an effective board can be an invaluable asset to a family-owned business,”said Sue Townsen, KPMG Partner and Co-chair of KPMG’s Women’s Advisory Board. “We hope that this report will help both family shareholders as well as outside directors of family businesses to navigate the particular challenges that their companies face.”
“Given that family-owned businesses represent a significant proportion of totalbusiness globally, we think Women Corporate Directors (WCD) members and other global directors will be greatly served by the insights and practical advice offered by this paper,” said Susan Stautberg, CEO, Global Co-Chair, and Co-Founder of WCD.
Enduring Across Generations is being released in conjunction with theinaugural WCD Family Business Governance Institute to be held on May 5th in New York. The paper brings together a body of first-hand recommendations and insights for building and leveraging a high-performance board.
“Governance and board-related issues are challenging subjects for many companies, and we think the learnings in this report will be invaluable for the many private, family-owned businesses with which KPMG’s Private Markets Group works,” said Tom Duffy, National Managing Partner, Audit, for KPMG.
Women Corporate Directors (WCD) is the only global membership organization and community of women corporate directors, comprised of more than 3,500 members serving on over 6,500 boards in 68 chapters around the world, with many more slated in the next two quarters. The aggregate market capitalization of public companies on whose boards WCD members serve is $8 trillion – if WCD were a country, its economy would be the world’s third largest, behind only the U.S. and China. In addition, WCD members serve on numerous boards of large private companies globally.