Family business founders often want their ideas to last for generations. Indeed, the legacies of some leaders are so strong that they end up controlling their companies from beyond the grave. Such a strong legacy can have benefits, but it can also have truly terrible consequences. Continue reading
John Perkins was 12 years old when his parents, Doug and Mary (now Dame Mary), launched Specsavers from their Guernsey home in 1984.
Even as a boy, Perkins played his part in the family business. He spent his formative years driving up and down the UK looking for potential store locations with his parents and remembers calling to get sales figures from individual stores at the age of 14.
Family charters make sense for family businesses, in particular for those controlled by the second or later generations. But what exactly is a family charter, and what advantages can it bring?
Many family businesses leave succession until the last possible moment. But doing so can cost the business dearly in terms of lost revenue. It can even cause it to collapse. I’ve learnt from experience that businesses which plan succession as part of their overall governance strategy are more successful and last longer.
Recently, I asked myself, “What could be a new and lively way to share the knowledge that EY and others have on family businesses?” So, with ideas from colleagues, we came up with the concept of the EY Family Business blog. What’s behind it? Well, I think it’s straightforward. EY experts, family business managers and academics will discuss ideas pertinent to global family businesses. New entries will be posted weekly.