Pranav Sayta, India Family Business Leader, EY.
Succession is one of the most critical issues encountered by family businesses. Several factors including family dynamics and the emotional connection that family members feel toward their businesses can make addressing succession a complex issue. Continue reading
Nadir Godrej, Managing Director of Godrej Industries and Chairman of Godrej Agrovet
Nadir Godrej, is not only a great leader of a highly successful family business, but also a poet. His ability to put in rhyme some of the most crucial issues in business is well known, telling in rhyme some hard truths and sharp observations. Read Nadir’s family business poem here. Continue reading
Dr. Martin Steinbach, EY IPO Leader EMEIA
Sufficient funds are a prerequisite for every growing business. It takes a considerable amount of money to develop new products, tap into new markets and sectors, and expand resources.
That is why family businesses must think about their strategic options for accessing funding. Continue reading
A risk-taker and an opportunity seeker, 25-year-old Akbar Sheikh, Managing Director of Sheikh Holdings, won the first ever EY NextGen Club Award for his outstanding work in the UK real estate market. In 2011, he decided to set up a family office, while also forming a real estate and private equity division under Sheikh Holdings, the company that represents the Sheikh family’s business activities. With this new division, he delivered a residential scheme that was not only profitable, but that also had a substantial positive impact on the local community. And this makes him a truly inspirational figure for all young NextGen members, and the perfect choice for the NextGen Club Award.
To find out more about EY’s NextGen Club click here.
When Count Anton-Wolfgang von Faber-Castell took up his inheritance of the world’s largest pencil empire in 1978, he became the eighth generation of a highly successful entrepreneurial dynasty. Initially, the former investment banker felt little desire to take on the task. But then he got down to the job with growing interest, using his entrepreneurial acumen to create a premium global brand that is now represented in more than 100 countries — with a range comprising more than 2,000 writing, drawing and creative design products for children, artists, professionals and lovers of high-quality writing implements. Throughout, he has been guided by the values of his ancestors.
“We should look to the future, but we should never forget the past,” says Karl-Friedrich Scheufele as he sits in the private Chopard museum in Geneva recounting the story of his family’s business.
Most of us think succession is just about the family business. That’s hardly a surprise – after all, succession in family businesses is a frequent focus of this blog. But succession can – and indeed should – also be about families’ assets outside their businesses, such as equity, bond and real estate investments.
There are various ways to help with the succession of assets. One is to consider a family limited partnership, which can hold investment assets outside the family business in an effective and an efficient way.