Family Business Times

As we near the close of the third quarter in 2023, there are two topics dominating the family business market. The first of those is developing a roadmap for an ESG strategy which meets the demands of the wider stakeholder base. Many family businesses are seeing ESG impact their business tangibly now whether it’s reviewing their ethical supply chain or refinancing debt with their existing lenders. This will continue to be a top of mind in the coming months as we head into COP28 in Dubai, in November.

The second is succession planning and formalising family governance. In practice this means there is more demand from family businesses to draft a Family Constitution or creating a Family Council to help de-risk conflict and provide clarity to future generations. This will continue to be at the heart of family businesses, especially in an uncertain economic backdrop.

Earlier this year at STEP Project Global Consortium (SPGC) Global Family Business Summit in Valencia, we launched our 2023 family business report, “A road well-travelled – How family businesses are guiding the sustainability journey". The report highlights how investing in technology and operating in a sustainable way is becoming an engine of growth and competitive advantage among family businesses.

Following the launch, KPMG’s Creagh Sudding, hosted a panel discussion where he discussed topics from within the report. You can read our main takeaways following the panel discussion in our most recent blog piece.

Providing much sought-after benchmark data, our recent Global Family Office Compensation Benchmark Report is one of the world’s largest data sets on Family Office Compensation. The report, developed in collaboration with Agreus Group, features insights into Family Office composition and compensation structures. The UK findings can be found in section 4 of the report.

I trust you find this edition interesting. If you have any questions or comments regarding any of the topics in this newsletter, or other matters you would like to discuss, please get in touch.

Companies failing to adapt around the climate crisis, may struggle to complete in a new, low-carbon world. How should you set your priorities?

Providing much south-after benchmark data, our recent Global Family Office Compensation Report is one of the world’s largest data sets on Family Office Compensation.

You can join discussion on current and relevant topics in your Family Business Community on the new KPMG Private Enterprise Beyond platform. Signing up is easy, just click the link below!