KPMG invests in Family Business talent

KPMG Private Enterprise’s UK family business practice now boasts 50 professionals who have achieved the globally recognised STEP qualification in advising family businesses.

With more than 5 million family businesses in the UK, representing nearly 90 percent of private sector firms, their prosperity is critically important to the national economy as it recovers from the pandemic. This, KPMG says, is one driver for investing in the specialist training for its cross-discipline team.

Tom McGinness, who leads KPMG Private Enterprise’s UK and global family business practice, comments:

“Our investment in equipping our people to be the best family business advisors possible is a sign of our commitment to support family firms across the UK. The significance of their role in the country’s economy means it’s imperative that we fully understand their ambitions and challenges so as to be a valuable member of the ecosystem they call upon to help them prosper.”

KPMG Private Enterprise recently published a report on the ways family firms responded to the COVID-19 economy and how they are positioned for the future. It found clear differences between family and non-family owned businesses in their handling of the challenges, from the extent to which they have transformed, to the practical steps they took to manage costs. It also uncovered themes in the strategies deployed by families in business, spanning transformation, patient capital and social responsibility.

Tom McGinness says:

“We found that seven in ten family businesses around the world suffered a drop in revenue during the pandemic though nine percent achieved a rise. Family firms were 42 percent more likely than other ownerships to implement transformation strategies and those with multiple generations in the business were a further 45 percent more likely to transform themselves. This suggests the next generation really stepped up to help businesses pivot or digitise as needed to survive or thrive in a dramatically changed market. We are now seeing them build on this influence, in many cases developing and integrating their business’ ESG approaches into their broader strategies.

“Family businesses demonstrated their extraordinary competitive advantage in being able to act and adapt quickly, while simultaneously benefiting from the well capitalised positions and generational insight of their heritage.”

The KPMG professionals who successfully completed the STEP Advanced Certificate in Advising the Family Business includes colleagues in Private Enterprise, corporate tax, private client advisory, deal advisory and KPMG Law. All work with a broad range of clients to address the needs of the business and the family in parallel.

STEP is the global professional association for those advising families across generations and its qualifications are regarded as the gold standard for experts offering practical advice and support to family-owned companies. This qualification, which shares knowledge of the theory and practice behind the family business system, is subject to the rigorous quality assurance procedures of Alliance Manchester Business School (Alliance MBS), a school of the University of Manchester.

Ends

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About KPMG Private Enterprise

Passion, it’s what drives entrepreneurs, it’s also what inspires KPMG Private Enterprise advisers to help you maximize success. You know KPMG, you might not know KPMG Private Enterprise. KPMG Private Enterprise advisers in member firms around the world are dedicated to working with you and your business, no matter where you are in your growth journey — whether you’re looking to reach new heights, embrace technology, plan for an exit, or manage the transition of wealth or your business to the next generation. Working with KPMG Private Enterprise, you’ll gain access to a trusted advisor — a single point of contact who shares your entrepreneurial mindset. With access to KPMG’s global resources and alliance network, we’ll help you drive your business forward and meet your goals. Your success is our legacy.
Visit: home.kpmg/privateenterprise

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff.  The UK firm recorded a revenue of £2.3 billion in the year ended 30 September 2020. KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.