This research conducted by Withers Worldwide looks at changing dynamics of family wealth between generations and between continents from US, to Europe to Asia. For many family businesses looking to pass the baton to the next generation, some of the considerations include:
1. Whether to carry on the business or cash out and become a “financial family”
2. Whether to establish a new family owned enterprise
3. And/or to whether to leverage wealth for social good through philanthropy.
With increasing two way business and co-operation between China and Australia, many Chinese investors are actively looking to acquire or partner with Australian businesses in the supply change, particularly in Agriculture, food and dairy, and manufacturing.
For those considering a board career there are a number of risks to consider in relation to managing your personal and family wealth.
It is important when considering a role, to ensure the following risk mitigants are addressed:
Board due diligence
Directors and Officers insurance
Protecting personal assets
In this booklet, compiled following conversations with a range of directors from ASX listed companies, to family businesses, charities and professionals working in the sector, are a range of strategies for managing personal financial arrangements for those who aspire to a portfolio career including board appointments.
You can download the Company Director booklet here.
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