Consulting editor(s): Jonathan Sutton, Ian Macdonald
Publication date: May 2009
Length: 279 pages
While the text is geared towards advisers, family business stakeholders can also benefit from the content, which is sophisticated but not overly technical.
'Business Families and Family Businesses' is an invaluable handbook for the family business adviser. The range of topics covered is comprehensive and the contributors have been well chosen for their expertise in their disciplines. I can recommend it unreservedly.
The STEP Handbook will undoubtedly become required reading for advisors across the disciplines such as the trust and legal, accounting, HR and other professions who set out to deliver high standards of service for their family business clients.
"A tour de force of the family business area."
The resilience of family businesses has been evident from their success over centuries and across continents. It remains common for practitioners to advise families whose principal source of wealth is or has been a successful family concern, and to provide guidance on the specific and complex relationships and issues that arise in this context.
This guide, edited by the Society of Trust and Estate Practitioners (STEP) (www.step.org), features chapters by leading practitioners in the field, including the Family Firm Institute, HSBC Private Bank, Boodle Hatfield and SandAire. The book considers what makes business families and family businesses unique, and examines the issues that advisers are often called upon to address when assisting them. It helps practitioners to deepen their understanding of how families operate, and to develop the skills and knowledge necessary to advise on such complex areas as conflicts between working and non-working family members, structure, succession, wealth management, governance and meeting a family’s philanthropic objectives.
The guide provides a comprehensive handbook for all practitioners who advise business families, including lawyers, accountants, financial advisers and wider family business advisers.