Family Business Advisory
Family businesses are not like regular businesses. Some of the world’s most successful businesses are family businesses, famed for their long-term vision and distinct culture. In addition to the common commercial challenges, family business owners and runners must also contend with board members, managers and employees coming from the same gene pool, along with the associated complications.
From succession planning to ownership, family issues can add complexity and hindrances to the decision-making process that other companies do not experience. Nevertheless, family businesses are important drivers of the Singaporean economy, especially among small and medium-sized enterprises (SMEs). Striking the right balance, therefore, takes patience and lots of planning.
At BDO, we understand that no two families are alike, and we tailor our solutions to address the specific requirements of each family. Our experience ranges from founder-generation businesses with a single shareholder, to multi-generational businesses with hundreds of shareholders. We are independent advisors who act in the collective best interest of the family business, not any one individual family member.
The focus of our approach is to create a sustainable framework that your family can continue using to work towards your common goals, using the “4-L” Model:
- Learn about Business
- Learn about your Family’s Business
- Learn to Lead
- Learn to Let Go
Using BDO’s “4-L” Model, we work with family businesses on:
- Family Constitutions
- Family Councils
- Succession planning