Description
Book SynopsisThe resilience of family businesses has been evident from their success over centuries and across continents. It remains common for practitioners to advise families whose principal source of wealth is or has been a successful family enterprise, and to provide guidance on the specific and complex relationships and issues that arise in this context. This new edition, edited by the Society of Trust and Estate Practitioners (STEP), features chapters by leading practitioners in the field, including the Family Firm Institute, Schroders, Boodle Hatfield and SandAire, Kleinwort Hambros, Dixon Wilson and Rathbones. The book considers what makes business families and family businesses unique, and examines the issues that advisers are often called upon to consider and address when assisting them. It helps practitioners to deepen their understanding of how families operate, and to develop the skills and knowledge necessary to advise on such complex areas as conflicts between working and non-working family members, ownership structure, succession, wealth management, governance and meeting a family’s philanthropic objectives. The guide provides a comprehensive handbook for all practitioners who advise business families, including lawyers, accountants, financial advisers and wider family business advisers.
Trade ReviewReview for first edition - The STEP Handbook will undoubtedly become required reading for advisors across the disciplines such as the trust and legal, accounting, HR and other professions who set out to deliver high standards of service for their family business clients -- Grant Gordon
This second edition of Business Families and Family Businesses is much to be welcomed. It’s an essential reference book for any adviser in this rather neglected but vital sector of the economy. This edition not only provides technical and compliance guidance, but its diverse range of contributors give historical and international context which illustrate the key issues. I particularly enjoyed the inclusion of many case histories that bring life to both the challenges and solutions which families have encountered as businesses pass through the generations. It’s extremely well edited and organised by topic and specialism, and I recommend it unreservedly. -- David Molian
Table of ContentsAbout STEP 5 Foreword 7 Simon Rylatt Boodle Hatfield LLP Setting the scene Family businesses and business families 9 Ian Macdonald Wright, Johnston & Mackenzie LLP Advising the family business Roles, relationships and responsibilities 21 Judy Green Family Firm Institute Inc. Jane Hilburt-Davis Key Resources LLC Understanding the business family 33 Christine Blondel INSEAD Business School; FamilyGovernance Building a family business advisory team 45 Edward Porter Jonathan Riley Michelmores LLP Philanthropy and private charitable foundation readiness 55 Malcolm D Burrows Scotia Wealth Management Russell Prior HSBC Private Banking (UK) Stages of the family business Establishing the family business 71 Toby Crooks Neil Insull Alex Temlett Rawlinson & Hunter Structuring the family business 87 Joanna Boatfield Gregory Smye-Rumsby Dixon Wilson Preparing for transfer of ownership 101 Ivan Lansberg Maria Dolores Moreno Lansberg, Gersick & Associates LLC Rewarding and incentivising non-family directors and employees 119 Paul McGrath Withers LLP Jason Ogelman EJS Financial Planners Ltd Succession, reconstruction and reorganisation Succession planning 131 Hayden Bailey Geoffrey Todd Boodle Hatfield LLP Entrepreneurs within the family: encouraging entrepreneurship and innovation 149 Ian Dembinski Tim West Rathbones The challenge of family wealth 161 Paul Kearney Kleinwort Hambros Governance and management 177 Ken McCracken KPMG LLP Extracting wealth from the family business 189 Richard Brass Berenberg Selling the family business 207 Peter Gray Cavendish Corporate Finance LLP Tools and techniques Family business: dealing with conflict 225 Andrew Hildebrand Hildebrand Mediation & In Place of Strife Mark Lindley Boodle Hatfield LLP Estate planning Managing succession, managing wealth 247 Joan Major New Quadrant Partners Ltd Alexander Scott Sandaire Investment Office Protecting ‘family wealth’ – the changing landscape 265 James MacBride Landmark Advantage Patricia A Robinson Robinsons Law Shayne E Stephens Landmark Advantage Tax and corporate governance for family companies 273 Nigel Barker Tracy Gordon Mark Kennedy Deloitte Sophisticated reputation management for families and their businesses 283 Julian Pike Farrer & Co. Social and ethical investing 295 Amy Clarke Tribe Impact Capital LLP About the authors 309
