Page 14 - KZN Business Sense-11.5 - Lesedi Metsoamere-ABSA - eBook

WEDS THURS
TOP BUSINESS
P O R T F O L I O 10 SEPT 11 SEPT

PRETORIA

Alan Barr Creagh Sudding

NAVIGATING CHANGE:

INSIGHTS FROM THE KPMG FAMILY BUSINESS CONFERENCE

he 11th KPMG South discussed as a means to foster with the skills and knowledge were shared regarding how conflicts. Strategies were
Africa Family Business communication and ensure needed to lead the business into digital tools and platforms can shared for building trust and
TConference recently held that all family members are the future. The role of external streamline processes, improve credibility with family members,
in Pretoria brought together aligned with the business’s networks and partnerships communication, and provide ensuring that independent
family business and family office strategic direction. The role of in fostering innovation was real-time insights into financial advisors are seen as valuable
leaders and experts to explore external advisors in facilitating also discussed, highlighting performance. The importance of partners in the family and the
the theme of “Managing Change these discussions was also how collaboration with other cybersecurity was emphasised, business’s success.
and Transition”. Through highlighted, providing an businesses and organisations with the panellists discussing
engaging panel discussions, objective perspective that can can bring fresh perspectives and strategies for protecting sensitive Concluding Thoughts
attendees gained valuable help mediate conflicts and drive growth. family information. The KPMG Family Business
insights into the complexities guide decision-making. Conference provided a platform
of multi-generational success, Wealth, Wisdom, and A Balanced Perspective – for family business leaders to
entrepreneurial leadership, the From Heir to Leader – Igniting Wellbeing – The Evolving Role The Value of Independent share experiences and strategies
Governance Expertise
evolving role of family offices, the Entrepreneurial Flame of the Family Office for navigating change and
and the value of independent In the second session, insights This discussion featured The final panel explored the transition. By fostering open
governance. Here are the key were shared by two family CEOs experienced family office crucial role of independent dialogue and collaboration,
takeaways from the conference: and a non-family CEO, offering executives and KPMG’s Global governance in family enterprises. the conference reinforced the
diverse views on nurturing an Head of Family Office, offering Independent directors, trustees, importance of aligning family
Passing the Torch – A Roadmap entrepreneurial spirit across a comprehensive view of the and investment advisors bring a values with business goals to
for Responsible Ownership generations. The panellists dynamic landscape of family wealth of experience, objectivity, ensure long-term success and
The first panel featured insights discussed – offices. The panellists discussed: and specialised knowledge, sustainability. The diverse
from second, fourth, and fifth- ■ Maintaining a culture of ■ The importance of flexible offering balanced perspectives generational perspectives
generation family business innovation while respecting governance and a risk-based that are essential for sound and expert insights offered
leaders, each bringing a unique the heritage and legacy of the focus for the family office in decision-making. The panellists by the panellists enriched
the discussions, highlighting
perspective on succession family business. supporting the family. discussed: the evolving challenges and
challenges and opportunities. ■ Storytelling was emphasised as ■ Effective communication and ■ How independent role-players opportunities faced by family
The panellists emphasised the a powerful tool for driving early involvement of the next ensure alignment between businesses today.
importance of: family interests and business
growth and enhancing the generation were identified as
■ Keeping the family business quality of life for employees key factors in mitigating objectives, fostering As we reflect on the insights
relevant by seeking new and the community. surprises and ensuring transparency, accountability, and strategies shared during
opportunities while staying ■ The role of meritocracy in smooth transitions. and long-term sustainability. the conference, we encourage
true to core values. leadership transitions, ■ The role of family office ■ The challenges of balancing family business and family office
members to consider how these
■ Effective communication and ensuring that roles are executives as conductors of family interests with fiduciary key takeaways can be applied to
alignment of values between earned rather than inherited. important relationships and responsibilities, enhancing their own unique contexts.
the family and the business ■ Learning on the job and being networks was also highlighted, governance structures, and
as crucial for maintaining part of decision-making ensuring that the family office facilitating smooth leadership Should you wish to discuss any
transitions.
family harmony. processes from an early age remains a supportive of these topics further, please feel
■ As the family business(es) were identified as effective ecosystem tailored to the ■ The importance of adapting free to reach out to the KPMG
evolve, the transition from ways to prepare the next family’s unique needs. to changing dynamics and Private Enterprise team. 
preparing for future
control to stewardship generation for leadership. ■ As family offices evolve, the governance trends,
becomes essential, with later ■ The challenges of replicating need for separate governance emphasising the skills Alan Barr CA(SA), Partner: Head of
generations embracing the founder’s passion while structures becomes apparent, and qualities necessary for KPMG Private Enterprise (Africa &
South Africa)
humility and understanding allowing new generations the especially as families grow success in this evolving T: +27 (0)83 388 6404
the legacy they inherit. freedom to express their ideas into larger consortia. landscape. E: Alan.Barr@kpmg.co.za
■ Balancing reinvestment and and innovations. ■ The family office serves as
dividends, with some families both an educational space for The panellists shared Creagh Sudding, International Tax,
Lead: Business Families, KPMG Private
employing business The panellists also explored wealth management and a examples of how independent Enterprise South Africa
assemblies and investment the importance of mentorship safe place for family members governance has led to improved T: +27 (0)66 010 8755
panels to guide these decisions. and education in cultivating to learn and even fail, decision-making and strategic E: Creagh.Sudding@kpmg.co.za
entrepreneurial leaders. They provided appropriate outcomes, reinforcing the W: https://kpmg.com/za
Personal anecdotes were also shared examples of successful education is provided. value of bringing external
shared about the challenges of mentorship programs and perspectives into family
maintaining family unity while educational initiatives that have The discussion also delved enterprises. They also addressed
pursuing business growth. The helped bridge the gap between into the role of technology the role of independent TOP BUSINESS
importance of regular family generations, ensuring that the in enhancing the operations governance in managing P O R T F O L I O
meetings and retreats was next generation is equipped of family offices. Insights family dynamics and mitigating

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