Family Businesses Deserve More Love – KPMG

Tom Burroughes

20 June 2022

Family businesses achieve long-term success but their contribution to the global economy too often falls under the regular media and policymaking radar, according to .”

"There has been a rise in focused family governance and searches for solutions, and for things such as a constitution framework. A lot of that is driven by trying to mitigate risks,” he said. Risks include areas such as liquidity.

McGinness described how family-owned firms can often be less visible than public companies with no family control, even though they collectively wield a lot of business and economic muscle.

Discussing other details, McGinness said he was disappointed at the low percentage (19 per cent) of women in CEO roles. “The diversity and inclusion agenda is something that needs to be revised,” he said.

Family businesses planning for the future need to consider diversifying their product and service lines, and entering new sectors in order to be more diversified, he said. Importantly, families can help younger members by entrusting them with seed capital to start new firms and remain part of a wider family network.

(An earlier version of this news article ran on WealthBriefing, sister news service to this one.)