Wednesday, May 13, 20202.00 PM to 3.00 PM (GST)
Family businesses are a cornerstone of the Gulf Region’s economy. With a fast-approaching shift in leadership, it is imperative that family firms address contrasting generational approaches to the governance, management and strategy of the business. Senior generations of family businesses often carry different priorities as compared to younger generations. Having the dual roles of being both members of the family and active members of the firm can prove to be challenging and create tension as well. If left unaddressed, this can quickly become a source of conflict and potentially bring instability to both the family and the business. By setting clear paths on how to balance expectations, goals and demands, such conflicts can be averted.
A survey conducted by PwC on the successors of family businesses identified three common gaps that they often face: the generation gap, the credibility gap and the communication gap between the younger and senior generations of the family. Whilst the next generation of leadership often seeks innovation and change within the business to keep up with global advances; senior leadership often desires to hold onto the stability they have established. Led by Adnan Abrahim, Attorney of Law at Outer Temple Chambers, this webinar will explore how channels of open communication and building a new, shared future vision embedded with family values, will allow generational expectations to be managed and secure the sustainability of the family firm.
The follow topics will be discussed:
- Understanding generational expectations & goals
- Managing role conflict of family members involved with the firm
- Creating channels for open communication
- Strategies on how to build a new shared future vision
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