Family business is a common concept in Sri Lanka and on the 21st of March, a KPMG organized Family Business Conference, gathering over one hundred participants, showed the great awareness of Sri Lankan Family Businesses on matters such as governance and succession. Beyond their enthusiasm for Family business related issues Sri Lankan Family Businesses are playing a significant part in the impressive recovery of the domestic economy.
Decision making in Family Businesses is typically done in an informal manner. However, as Christophe Bernard states, the real problem for Sri Lankan family-run businesses – and for Family Businesses in general – is the lack of proper governance structures and succession planning. This means many Sri Lankan Family Businesses struggle to maintain family ownership and find it tough to survive over time.
Throughout this interview, Christophe Bernard reviews the major Family Business concepts and explains KPMG‘s approach of Family Business: improving business performance and firm value through transparent corporate governance structures and effective succession planning.