Passing the Torch: Succession Planning for Family Business Resilience
Monday, April 27, 2020
02:00 PM - 03:00 PM Gulf Standard Time
As family businesses grow, the importance of applying corporate governance best practices has become imperative – in fact, their growth largely depends on it. Research by the OECD notes that family firms that integrate corporate governance measures outperform their rivals; achieving both superior returns and higher profitability. In addition, these measures provide constructive solutions to family ownership challenges, especially when it comes to succeeding generations.
Nevertheless, family businesses have room to improve in the implementation of effective corporate governance standards. Although family firms across the Gulf Region account for a significant margin of private sector companies and thus, are a substantial value addition to economic growth, only 30% survive into the second generation and a mere 12% continue to be profitable into the third generation.
With approximately $1 trillion USD worth of family business assets being transferred to the next generation in the Middle East in the next 10 years, the urgency of succession planning has increased with the new generational cohort of family members imminently approaching. This webinar will broadly discuss building resilience, success and long-term sustainability in family firms across the Gulf Region, through proactive and effective succession planning.
The follow topics will be discussed:
Walid S. Chiniara
Partner - Family Enterprise Consulting Advisory
Deloitte & Touche (ME)
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