Future-Centric legacies drive success for global family businesses: KPMG report | THE DAILY TRIBUNE | KINGDOM …

Future-Centric legacies drive success for global family businesses: KPMG report | THE DAILY TRIBUNE | KINGDOM …

TDT | Manama     
The Daily Tribune – www.newsofbahrain.com
The Global Family Business report by KPMG Private Enterprise and the STEP Project Global Consortium reveals that successful business families often adopt a future-focused view of legacy, binding generations together by balancing tradition with innovation.
Launched at the Global Family Business Summit, “The pathway to good: Sustaining family business legacy for wellbeing”, the report highlights how many families overcome the ‘legacy paradox’—where legacy can either inspire or impede innovation.
The report combines personal insights from top family business leaders with data from 2,683 family businesses across 80 countries, showing that 45% of businesses with strong legacies also report strong performance.
Furthermore, 53% of these businesses achieve high sustainability scores, indicating that a dynamic legacy incorporating both tradition and innovation contributes significantly to long-term success.
The report brings together personal insights from the experiences of top family business leaders combined with data on the impact of family legacies on their business performance gathered from 2,683 family businesses across 80 countries, territories, and regions.
The survey data, which uses both qualitative and quantitative research, revealed that of the 45 percent that reported strong legacies, the same cohort also reported strong business performance, and an even higher 53 percent reported high sustainability scores —