Thriving Family Businesses - Building A Legacy for Future Generations
Grant Adlam
As an influencer, my team and I create or co-create content to support brands, endorse products and services, with the goal of boosting brand awareness and driving sales.
According to a recent McKinsey report “All in the family business”, family-controlled businesses contribute to more than 70% of global GDP. Family-controlled businesses, which range from small to medium type businesses to very large companies, are therefore the backbone of most economies across the world, especially in Africa.
Family businesses are unique. At the centre of this difference is the family dynamic, from family to business and ownership, which can all play a significant role in decision making and offers both opportunities and challenges. The growth and sustainability of a family business lies in the fine balance between the needs of the business and the expectations of family members. Getting the balance wrong often leads to business failure and/or family disharmony, impacting not only the family but all the stakeholders. When they get the balance right and harness the power of the entrepreneurial spirit and family influence and control, they build a thriving and resilient business – a legacy for future generations.
There are no silver bullets in dealing with the family dynamics and leading family businesses invest time to keep abreast of changing trends and ideas to managing these dynamics as they evolve. KPMG Private Enterprise South Africa hosts regular events is to provide business families with the opportunity to engage openly on a number of the key family dynamics which keep them up at night e.g. succession planning, retention and attraction of top talent, governance, growing the business to sustaining the family etc.
The KPMG Private Enterprise team have hosted the following events:
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The feedback from attendees has been very positive e.g. the CEO of large, diversified Eswatini family business said the following after attending the event in Eswatini. “It was indeed a very enriching experience. An eye opener on a number of issues we have grown to ignore or maybe take for granted as we navigate business landscape.”
KPMG Private Enterprise will be hosting its 10th national family business conference on 13 September 2024 and this year will be done in conjunction with KZN Top Business. The conference will include family business leaders providing insights on key topics during interactive panel discussions, a case study workshop and insights on global trends. The event provides a wonderful opportunity for business families from across the country to network, share insights and learn from one another.
Alan Barr, Head of KPMG Private Enterprise for Africa and South Africa highlighted the following: “These events provide a wonderful opportunity for family businesses to connect, learn and share with other business families on how they are dealing with the various family dynamics. It highlights the fantastic entrepreneurs that growing their businesses despite the tough economic conditions.”