Supporting Family Business Entrepreneurs: In Conversation with Benoît Frin
Estate Planning and Lending Director
BNP Paribas Fortis Private Banking
From the commercial stand-point, leaders of family businesses worry about the difficulties of making sound strategic decisions when the direction is not well-defined: this is when dissenting views are likely to emerge. A majority (57%) of entrepreneurs believe that a family governance code could address this risk by clarifying the long-term strategy. A codified approach is particularly relevant to business owners living in Belgium, Taiwan, Poland, Singapore and China, where more than seven out of ten are driven by this motivation.
However, the personal perspective is never far from their minds and they think carefully about how to pull together talent from different generations. Fifty-seven percent of entrepreneurs who are considering a governance code say it will help them successfully integrate different family members into the firm. This is the single most important driver for business owners in the US, for example.
Entrepreneurs running family businesses know that there is potential for discord in their firm, just like in any other. Their valuable legacy to the next generation of leaders is to address these risks proactively through a codified approach to governance.
Motivations for putting in place family governance
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