Each family is as unique as the individuals that make up such a family; therefore it should be no surprise that no two family businesses are identical. Each family business has its unique challenges, conflicts, considerations, customs, aspirations, and philosophy.
Across the Middle East, and more specifically in the GCC Region, more than 80% of businesses are either family owned or family controlled, and the owners of these businesses sit at the heart of a complex web of choices and alternatives which will determine the future state of the business and the family.
Growth in income and the diversification of business-lines and/or geographies is only one of the challenges facing family owned businesses. The true challenge for most is the management of shareholder transition and business continuity into future generations – a task that is often easier said than done.
Managing family wealth, community philanthropy, and business capital market needs are other challenges which family businesses have to grapple with.
Impact Consulting has many years of hands on experience in helping GCC family owned (or controlled) businesses manage through the complex web of challenges. We work with each client to establish a clear understanding of the desired future state and the timeframes for the transition, then jointly develop and implement strategies that move the organization along the determined path.
With more than 90% of family businesses acknowledging that they have no clear and well thought out succession plans, Impact Consulting has established superior track record and expertise in defining the role of the next generation within the family and identifying the who, how, and what needed for the desired future leadership roles within the family business. We design and implement specific programs to prepare the next generation for such critical roles in order to ensure survivability of the franchise for future generations to come.
No two families are the same, and no two remedies are the same. At Impact we know that the extent and the pace of any desired change is very unique to each family business. Establishing proper corporate governance is certainly the only way to move family businesses into a position where they are fortified against generational leadership shortfalls. We help family businesses define and implement proper:
1. Board Policies & Procedures
2. Board Committees and Oversight Structures
3. Internal Audit
4. Business Policies & Procedures
5. Corporate & Business Strategy
6. Continuity and Succession planning