Thanks to Trident Trust for sponsoring our #Riyadh event this November. Read on below for Dave Lange and James Ramsden’s thoughts on key issues for clients in the region 👇
📍 Dave Lange from our #Dubai office and James Ramsden from our #Jersey office recently attended the latest HNW Advisor event in #Riyadh, where they engaged in insightful discussions on the delicate balance between family and corporate #governance. 💡 Here are some of the key topics and takeaways they shared: 🔹 Balancing Family and Corporate Governance 🔹 Effective #familygovernance requires a focus on shared values, clear communication, and education, creating a foundation for successful #intergenerationalwealth and leadership transitions. Professionalisation is key, ensuring that business assets are managed by individuals with the right skills to lead, whether they are family members or external experts. However, embracing this shift in mindset is often one of the hardest challenges for families, as it involves learning to become effective shareholders when leadership succession may require bringing in a non-family expert to the business. 🔹 Embedding Succession and Governance Principles into Ownership Structures 🔹 Family Charters or Constitutions offer a solid framework for #familysuccession and governance. However, their effectiveness depends on family members embracing the values that define what it means to be part of the family. Simplicity is often more effective than complexity; overly complex documents and arrangements can fall short when they are needed most, especially if family members feel disconnected from them. The foundation of family engagement, communication, and education is critical for achieving generational continuity. Thank you to David Bell and HNW Advisor for the opportunity to contribute to the discussion. If you are looking for support in crafting governance structures that align with your family’s values and goals, feel free to reach out to Dave and James. 📩 #TeamTridentTrust #GCCfamilies #wealthplanning #nextgen