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These are some of the insights that will be discussed at our latest Family Enterprise Forum in Shanghai, China. Participants will also learn about the importance of succession planning and good governance if they are to avoid the potential pitfalls of managing wealth across generations, as well as creating a lasting legacy through their business and philanthropic endeavors.
“Wealth tends to erode after the third generation,” explains Bernard Rennell, Regional Head of Global Private Banking for Asia-Pacific and Global Head of Family Governance and Family Enterprise Succession at HSBC Private Bank. “The key challenge for family businesses is the dispersion of decision making authority as the family grows after the first generation.”
In our podcast released to coincide with the forum, Rennell said, “If a family is to succeed over the longer term, it needs a strategy for the longer term, success doesn’t just happen. There needs to be a shift in thinking from the family business to the business of the family.”
Our Family Enterprise Forums provides family business owners with valuable insights and guidance, supporting them through the complexities of multi-generation transition. They showcase HSBC Private Bank experts and external specialists who have a deep understanding of the key challenges facing family businesses today.