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next gen Tag

Thanks to this week’s contributors, Annie Koh and Esther Kong of Singapore Management University for providing a new perspective on how family business advisers can create trust and forge sustainable partnerships with the next generation. Their suggestion? The adviser should play the role of a Connector, Collaborator, and even a Co-Investor.

For this week’s FFI Practitioner, we are excited to share an interview with Kirsten Taylor-Martin about a major piece of research recently conducted by Grant Thornton. The interview, which includes useful tips and insights for advisers working with next gen family members, was actually conducted by a next gen member of Kirsten’s family - her daughter, Angelina Martin!

This issue is a précis of an August 2013 research paper by Dennis Jaffe entitled “Good Fortune: Building a Hundred Year Family Enterprise.” It includes a summary of some counterintuitive results as well as helpful suggestions for practitioners.

Guest Blogger: Andrew Keyt When preparing families for business succession planning,advisors often mistakenly narrow their focus to the single individual they deem most capable of running the business upon a CEO’s retirement. But to truly make sure families preserve their core values while maintaining strong corporate governance and sound strategic planning, advisors should make it their business togroom all next-generational family members for unique leadership positions. Since I began working with successors in 1997, I’ve seen first-hand how so many NextGen family members are ill-prepared to assume leadership roles. But this situation can be avoided