“Knowledge transfer is the key to successful wealth transfer”
After years of creating the building blocks to understand family businesses within the greater community, BDO has partnered with The Australian Centre for Family Business (ACFB) and Bond University to undertake an Australian-first report to understand the dynamics of wealth and knowledge transfer, and identify the key trends and issues that will enhance successful transitions within private businesses. This report examines the wealth and knowledge transfer intentions of 320 respondent businesses, the majority of which classified themselves as family businesses. This report will provide an insight into issues such as family-first versus business-first orientation and succession strategies, and will help to better inform key decision makers and advisers of family owned businesses on the impacts of these important issues. Key findings for the report include:
•93% of respondents intend to transfer wealth within the family
•Only 39% have a complete succession plan that nominates a CEO successor
•Over 70% have not professionalised their management or governance structure
•Successful multi-generational firms are more adept at managing the transition steps
•21% of family businesses have never been formally valued.
Available at: http://works.bepress.com/keith_duncan/24/