The third edition of Business Families and Family Businesses is a timely and essential resource for practitioners advising families as they navigate the complexities of wealth, change and legacy. With contributions from a globally respected group of experts, this edition offers a comprehensive and thoughtful exploration of the evolving needs of business families and the professionals who support them. A standout feature of the handbook is its recognition of the unique nature of family dynamics and how these influence the structures and strategies that families undertake. While the challenges families face – succession, governance, wealth management, conflict – are often familiar, the solutions are rarely uniform. The contributors understand that families are living systems, shaped by their unique histories, values, ambitions and relationships, and that effective advice must be tailored accordingly. Importantly, the handbook builds on previous editions and moves beyond the traditional ‘family business’ lens to embrace the broader concept of the ‘business family’. A business family may own and operate a family business or have sold it. The family may have a family office, philanthropic ventures or other forms of shared wealth. These structures are becoming increasingly diverse and complex, and the handbook provides valuable insights and language for understanding how to support families across their full lifecycle – not only in relation to their operating businesses and wealth but also as families and individuals. Rather than offering prescriptive ‘best practice’ solutions, the handbook emphasises the value of models and frameworks that support process-based advising. This approach respects the emotional and relational dimensions of business families and the diversity of perspectives they bring to the table. It encourages advisors to facilitate discussions, ask questions and provide education that enables informed choices, rather than impose standardised answers. The global scope and diversity of technical expertise among the contributors add further depth, offering insights from a wide range of jurisdictions, professions and cultural contexts. Various chapters rightly overlap or challenge perspectives in others. Throughout, topics such as preparing the next generation, establishing a family office and managing conflict are addressed with both technical precision and emotional intelligence. This edition brings together a wide range of perspectives and practical insights that make it a valuable reference for advisors working in this space. It offers both foundational knowledge and contemporary thinking, making it particularly useful to those seeking to deepen their understanding of the interplay between family, wealth and legacy.

About STEP 7 Foreword 9 Clare Stirzaker Boodle Hatfield LLP Part I. Setting the scene Understanding the family business mindset: an evolutionary approach 11 Justin B Craig Tecnológico de Monterrey; Kellogg School of Management; Bond University Catharina C Jecklin Bond University Clarifying purpose and values: guiding families towards meaningful goals 23 Catherine Grum Catherine Grum Consultancy Ltd Theories and models in family enterprise advising 35 Patricia M Annino Rimon Law Judy Green Family Firm Institute Inc. Part II. Stages of the family business Structuring the family business 51 Toby Crooks Katharine Haggie Hiral Kanzaria Rawlinson & Hunter LLP The value of family governance 67 Ken McCracken MFBC Limited Stages of the family business 77 Yannick Archambault KPMG Canada Kaajal Prasad KPMG Australia Advances in human longevity and the impact upon family business transition plans 91 Hayden Bailey Boodle Hatfield LLP Next-generation planning 107 Matthew Fleming Stonehage Fleming Maria Villax Bedrock Group Part III. Succession Preparing for transfer of ownership 121 Dan Frosh Family Firm Institute Inc. Andrew P Hier Cambridge Family Enterprise Group Trusts and family businesses: the ideal succession solution? 137 Nic Arnold Victoria Blackburn JTC Private Office Bryony Cove Jennifer Ridgway Farrer & Co LLP Extracting wealth from the family business 151 Russell Prior HSBC Global Private Banking Selling the family business 169 Introduction 169 Clare Stirzaker Boodle Hatfield LLP The financial impact of selling the family business 170 Dominic Epton Katharine Taylor Rothschild & Co Wealth Management The process and family dynamic considerations of selling the family business 176 Nick Mayhew Alembic Strategy Managing family dynamics: how to improve communication and deal with conflict effectively 189 Tony Cohen Alexandra Sharpe Kinestra Partners LLP The family business – options for preventing and dealing with family disputes 205 Guy Abrahams Nick Jacob Daniel Ugur Forsters LLP Family businesses and divorce 217 Katie O’Callaghan Boodle Hatfield LLP Sophisticated reputation management for family companies 233 Lily Kennett Victoria O’Byrne Schillings Understanding the wealth holder spectrum 245 Matthew Braithwaite Wedlake Bell LLP Gina Pereira Da¯na Stewardship Advisory Providing advice on philanthropy: why, when and how to raise giving with family clients 257 Emma Beeston Philanthropy adviser Beth Breeze Centre for Philanthropy, University of Kent About the authors 275 About Globe Law and Business 288