"Interpreting our survey's results, we realise that family business
leaders need to address four key areas: First, and from an internal perspective, they need to professionalise their business, establish better corporate governance and organise a succession plan to ensure a smooth generational transition.
'Our research globally and in Kenya highlights the benefits of a values-led approach that can focus a family business
on the continuity planning they need to do, and how that approach can help attract and equip the next generation with the skills needed to thrive in a digital age,' Michael Mugasa, PWC Kenya leader for Private Company and Family Business
Followed by sessions on 'Making Higher Education Affordable through Philanthropy' and 'Family Business
, Disruptive Innovations and New Opportunities'.
Rural and remote family businesses
have a significant local economic impact on employment and incomes, and add to the breadth of a regions business mix.
"From my experience, when you look at a well-established family business
, they have often adapted or diversified a number of times over the years to remain relevant.
This partnership will help develop a framework for learning and will also promote Management education within family businesses
and small and medium enterprises.
During the event, Amin Nasser - PwC's Family Business
Advisor presented key issues faced by Family Businesses
in the Middle East and how to tackle these challenges.
Taking time to agree the family business
' goals, roles, structure, policies and protocol in a Family Business
Agreement can be invaluable for protecting family wealth and the business for generations to come.
Solutions is a family business
consultancy that was set up more than 20 years ago and is part of Scottish solicitors Wright Johnston & Mackenzie.
Abdulaziz Al Ghurair, chairman of the Family Business
Council -- Gulf and Mashreq, has said that technology will inevitably affect family business
culture, as well as highlighting their need to make effective succession planning for future generations.
The Family Business
Council - Gulf (FBCG), the regional association of Family Business
Network International (FBN), launched a book on the guidelines of family business
succession planning in the GCC during a press conference hosted by HE Abdulaziz Abdulla Al Ghurair, Chairman, FBCG.
While John Gokongwei set up a commandment to his heirs that there should be no in-laws in the family business
, sons-in-law (without any legal adoption) could be an alternative solution to recruit smart heirs.