Two sides of a coin: Differing perspectives in Singapore’s family businesses

Over the past year, KPMG in Singapore and CPA Australia conducted research on the successes and challenges of local family-run businesses. We drew on our decades of experience in serving Singapore’s enterprises. We also conducted detailed interviews with 20 local business leaders, both founders and successors, on issues that matter most to them.

The aim was to examine perspectives from both generations of family-owned businesses when presenting the findings of our year-long endeavor. This was complemented by the participation of 100 successful Singaporean family businesses, in a survey conducted by KPMG.

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Hidden growth within family businesses

Our research, conducted by KPMG and European Family Businesses (EFB), is based on the reflections of prominent family business owners in eight European countries: France, Germany, Luxembourg, Malta, the Netherlands, Slovakia, Spain, and the United Kingdom.

The report seeks to shed light on some frequently asked questions regarding family businesses, including:

  • What does success mean for them, and what is their ultimate strategy: stability; growth, or profitability?
  • What drives their success, and what are the inherent barriers to growth?
  • When growth is at stake, how do owners choose the right strategy and align the interests and needs of both family and business?

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European Family Business Barometer: Successful & Resilient

European Family Businesses (EFB) and KPMG joined forces once again to create the fifth edition of the European Family Business Barometer. The latest report showed that family businesses in Europe continue to demonstrate a high level of confidence in their future prospects and business performance and are optimistic, determined and skillful at navigating through challenges and adapting to market changes.

The European Family Business Barometer is based on the responses to an online survey from 959 questionnaires received by family businesses across 23 European countries from 1 May to 30 June 2016. As family businesses in Europe continue to be an important market, with approximately 14 million family owned companies providing over 60 million jobs in the private sector, this report provides a better understand of the trends and future plans of these businesses.

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A snapshot of Brazilian Family Companies’ past, present and future

Following the concept created in the European Family Business Barometer, KPMG in Brazil created their own localized survey, with support from the Audit Committee Institute (ACI) Brazil. The study, titled ‘Family Portraits’ captures responses from over 200 Brazilian family businesses and analyzes their organizations´ structure, market expectations, future challenges and strategies, to understand how existing governance frameworks provide the foundation to support business development.

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Global Family Business Tax Monitor

While tax regimes around the world vary greatly, generally countries are supporting and encouraging investment and growth in family businesses, with low tax liabilities for the transfer of businesses to the next generation either upon retirement or inheritance. The Global Family Business Tax Monitor report, will explore this and other insights related to the impact of tax regimes on family businesses across the globe.

Following on the tails of the first Tax Monitor report, released in April 2014, where tax regimes across 23 European countries were reviewed – The second edition, conducts analysis on a global level with over 40 countries explored (includes Americas, Europe, Middle East, Africa, Asia, and Oceania). To create the report, KPMG member firms were asked to analyze the tax burden arising from the inheritance of the business by a family member, upon the death of the owner of a family-owned business. They also worked on a case study whereby the business was transferred to a family member due to retirement or inheritance.

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