Family business wealth and knowledge transfer

Justin B Craig, Keith Duncan, Frank Barbera, Manuel Eberhard, Marina Skinner

Research output: Book/ReportCommissioned reportResearch

Abstract

“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.
Original languageEnglish
PublisherBDO Australia
Commissioning bodyBDO
Number of pages60
Publication statusPublished - 2013

Fingerprint

Knowledge transfer
Wealth transfer
Family business
Decision maker
Chief executive officer
Family-owned business
Governance
Wealth

Cite this

Craig, J. B., Duncan, K., Barbera, F., Eberhard, M., & Skinner, M. (2013). Family business wealth and knowledge transfer. BDO Australia.
Craig, Justin B ; Duncan, Keith ; Barbera, Frank ; Eberhard, Manuel ; Skinner, Marina. / Family business wealth and knowledge transfer. BDO Australia, 2013. 60 p.
@book{86b38384bcef44d999b992a7eba14af4,
title = "Family business wealth and knowledge transfer",
abstract = "“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.",
author = "Craig, {Justin B} and Keith Duncan and Frank Barbera and Manuel Eberhard and Marina Skinner",
year = "2013",
language = "English",
publisher = "BDO Australia",

}

Craig, JB, Duncan, K, Barbera, F, Eberhard, M & Skinner, M 2013, Family business wealth and knowledge transfer. BDO Australia.

Family business wealth and knowledge transfer. / Craig, Justin B; Duncan, Keith; Barbera, Frank; Eberhard, Manuel; Skinner, Marina.

BDO Australia, 2013. 60 p.

Research output: Book/ReportCommissioned reportResearch

TY - BOOK

T1 - Family business wealth and knowledge transfer

AU - Craig, Justin B

AU - Duncan, Keith

AU - Barbera, Frank

AU - Eberhard, Manuel

AU - Skinner, Marina

PY - 2013

Y1 - 2013

N2 - “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.

AB - “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.

M3 - Commissioned report

BT - Family business wealth and knowledge transfer

PB - BDO Australia

ER -

Craig JB, Duncan K, Barbera F, Eberhard M, Skinner M. Family business wealth and knowledge transfer. BDO Australia, 2013. 60 p.