The third edition of Business Families and Family Businesses is a timely and essential resource for practitioners advising families as they navigate the complexities of wealth, change and legacy. With contributions from a globally respected group of experts, this edition offers a comprehensive and thoughtful exploration of the evolving needs of business families and the professionals who support them.
A standout feature of the handbook is its recognition of the unique nature of family dynamics and how these influence the structures and strategies that families undertake. While the challenges families face – succession, governance, wealth management, conflict – are often familiar, the solutions are rarely uniform. The contributors understand that families are living systems, shaped by their unique histories, values, ambitions and relationships, and that effective advice must be tailored accordingly.
Importantly, the handbook builds on previous editions and moves beyond the traditional ‘family business’ lens to embrace the broader concept of the ‘business family’. A business family may own and operate a family business or have sold it. The family may have a family office, philanthropic ventures or other forms of shared wealth. These structures are becoming increasingly diverse and complex, and the handbook provides valuable insights and language for understanding how to support families across their full lifecycle – not only in relation to their operating businesses and wealth but also as families and individuals.
Rather than offering prescriptive ‘best practice’ solutions, the handbook emphasises the value of models and frameworks that support process-based advising. This approach respects the emotional and relational dimensions of business families and the diversity of perspectives they bring to the table. It encourages advisors to facilitate discussions, ask questions and provide education that enables informed choices, rather than impose standardised answers.
The global scope and diversity of technical expertise among the contributors add further depth, offering insights from a wide range of jurisdictions, professions and cultural contexts. Various chapters rightly overlap or challenge perspectives in others. Throughout, topics such as preparing the next generation, establishing a family office and managing conflict are addressed with both technical precision and emotional intelligence.
This edition brings together a wide range of perspectives and practical insights that make it a valuable reference for advisors working in this space. It offers both foundational knowledge and contemporary thinking, making it particularly useful to those seeking to deepen their understanding of the interplay between family, wealth and legacy.
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