It is seven years since the second edition of this STEP guide, published by Globe Law and Business, appeared, and this updated third edition is both welcome and timely. The world has seen a series of dramatic events, not to mention crises, during this interval and the landscape for families of means has changed accordingly. Arguably the most significant long-term trend now gathering momentum is the tsunami of wealth that will cascade in the next two decades: trillions of dollars-worth of assets will be transferred between the generations. To prepare themselves, both advisors and families themselves will benefit from being fully-informed of all aspects of managing and advising on legacy wealth, and this guide makes an excellent place to start. Like its predecessor, this volume features contributions from practitioners who are leaders in their many fields. Their expertise covers up-to-date practice in sectors such as wealth management, the formation of trusts, tax planning, the sale of businesses to third parties and other transfers of ownership. The commentary of experts across the Anglosphere, where legal systems derive from English common law, provides a useful spectrum of views. This new edition, however, goes beyond the merely technical. There is a greater breadth of expertise brought to bear on the less tangible – but equally important - issues that families grapple with: succession planning, as you might expect, but also governance, the resolution of disputes, inter-personal dynamics and the creation of the processes and structures that help to lubricate the sometimes tricky intersections of family, business and ownership. The contributions covering newer academic thinking on family business and consultancy interventions are particularly illuminating for anyone seeking to understand how thought leadership in this field has developed. And the section on family philanthropy, something which is undergoing radical re-imagining, is extremely pertinent to an appreciation of next-generation attitudes to giving. I have found the second edition of Business Families and Family Businesses invaluable in my own work in this field. The third edition will be even more so.

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