With the beginning of a new year, it is the perfect time for a retrospective of the top ten EY Family Business findings of 2015 based on our analysis from the global family business survey. Continue reading →
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 →
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.
I recently attended two family business forums, in Riyadh and Al Khobar, Saudi Arabia. At these events, many of the big issues faced by family businesses were discussed, such as succession, governance and the separation of management and ownership.
But I was struck by a common theme throughout many of the round table discussions: namely, the challenges that face family businesses in the Middle East. These challenges are not unique to the region, but they are more prevalent than in other regions.
Peter Englisch, Global Leader of EY’s Family Business Center of Excellence, opens the first EY Family Business Summit.
The first EY Global Family Business Summit took place in Monte Carlo two weeks ago, during EY’s World Entrepreneur Of The Year event. Held over two days, the summit gathered together family business leaders from 17 countries, and provided a great opportunity for discussing some of the most crucial issues currently facing family-owned businesses.