By Marc Farror
Like all businesses, family businesses need to deal with a
diverse range of challenges including reacting to market changes,
cash flow pressures, retaining the best management talent and
driving international growth. Without doubt though, the most
critical challenge involves generational change.
Within the trust world there are countless stories of families
who create wealth through an entrepreneurial individual and lose it
again within three generations. Making a success of succession is
not by any means impossible and there are large numbers of high
profile families who not only protect their family wealth, but
manage to actively grow it from one generation to the next. Often,
a crucial element of this success lies in the use of appropriate
Jersey structures to control key areas of decision making
– governance, education and communication.
