Latest research relating to GCC family firms identifies succession and corporate governance as key issues for family firms.
These issues are not unique to the GCC region and are common challenges faced by family firms the world over. Moreover, over time, as the family grows and the business expands, there is a growing likelihood for the need for improved governance procedures to be put in place, to help manage the family, the business and of course the interaction between the two.
Better governance can enable family firms to attract more investment and to compete better in the global marketplace, and succession planning is crucial if many of these firms approaching a key generational milestone in terms of transition are to successfully pass the business to the next generation.
Real food for thought but not solely for those family firms in the GCC region.
Corporate governance and succession issues still hound GCC family businesses Family businesses in the GCC face serious challenges in a highly competitive modern-day business environment, according to a recent report titles Family Matters: Managing the GCC’s Family Business Powerhouses, released by Orient Planet Research.