SHANGHAI--(BUSINESS WIRE)--Managing the family business well is not enough to achieve success. Family relations need to be managed too for the family enterprise to succeed.
These are some of the insights that will be discussed today at HSBC Private Bank’s latest Family Enterprise Forum in Shanghai, China. Forum participants will also learn about the importance of succession planning and good governance if they are to avoid the potential pitfalls of managing wealth across generations, as well as creating a lasting legacy through their business and philanthropic endeavors.
“Wealth tends to erode after the third generation,” explains Bernard Rennell, Regional Head of Global Private Banking for Asia-Pacific and Global Head of Family Governance and Family Enterprise Succession at HSBC Private Bank. “The key challenge for family businesses is the dispersion of decision making authority as the family grows after the first generation.”
In a new podcast released to coincide with the forum, Rennell said, “If a family is to succeed over the longer term, it needs a strategy for the longer term, success doesn’t just happen. There needs to be a shift in thinking from the family business to the business of the family.” Click here to listen
The HSBC Private Bank Family Enterprise Forums provides family business owners with valuable insights and guidance, supporting them through the complexities of multi-generation transition. The forums are facilitated by leading HSBC Private Bank experts and external specialists who have a deep understanding of the key challenges facing family businesses.
For almost 70 years, HSBC Private Bank has been entrusted with advising business families and supporting their ongoing success.
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About HSBC Private Bank
As part of the HSBC Group, one of the world’s largest banking and financial services organisations, HSBC Private Bank seeks to be the leading international private bank for business owners and their families. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. HSBC Private Bank is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group.
For more information, visit www.hsbcprivatebank.com
HSBC Holdings plc
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 6,100 offices in 72 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,549bn at 30 September 2015, HSBC is one of the world’s largest banking and financial services organisations.
