A succinctly-written book sets out the map and the terrain of family business concerns, including transitions, structure, inheritance and the role of family offices. A solid addition to advisors' bookshelves.

So many of today’s firms are family-owned, a fact that can still surprise the layperson who is accustomed to business journalists talking about the trials and successes of listed companies. But the reality means that business succession and transition are major issues, and of course they are arguably even greater today because of coronavirus.

Published in 2018, a 183-page volume that is definitely worth a few hours’ read is Your Business, Your Family, Their Future – How To Ensure Your Family Enterprise Thrives For Generations. The book is written by Emily Griffiths-Hamilton, who is a chartered accountant, family enterprise advisor and conflict resolution coach”. She has strong business acumen in her DNA: her maternal grandfather was veterinarian Dr William Ballard; her father, Frank A Griffiths, was a sports and media entrepreneur. Griffiths-Hamilton, who has co-owned the Vancouver Canucks, the Canadian ice hockey team, has been involved in other ventures – and carries a lot of credibility. 

Books such as this tap into a big need: Here's an arresting set of facts. Canada, Griffiths-Hamilton's home turf, has more than 1.1 million businesses with half of them being small business, many of them family-owned. But only 30 per cent of family enterprises successfully transition to the next generation. Breakdown in communications and trust along with unprepared heirs are major reasons why 70 per cent of family business transitions fail.

The 10-chapter book starts with the question “To Sell or Not To Sell?” – the big question every owner needs to pose and answer. The book runs through why family business transitions can fail, the basics of family businesses, issues around trust and values; a business enterprise framework; family advisory boards, family offices, and the role of specific advisors. The range of the book is remarkably wide but tightly expressed. The reader is spared reams of charts and graphs and a long set of references and footnotes. Some of the details that advisors or owners might seek might need to be followed in subsequent reading and study, but this is an excellent primer. 

Many high net worth and UHNW individuals also own operating firms, or are about to inherit them – or worry about how they will manage that transition. To take out some of the political heartburn requires planning. This book is a good starting point and is written by someone who has lived through the experiences she talks about. Griffiths-Hamilton has done business owners a real service.