KPMG Private Enterprise’s UK family business practice now boasts 50 professionals who have achieved the globally recognised STEP qualification in advising family businesses.
With more than 5 million family businesses in the UK, representing nearly 90 percent of private sector firms, their prosperity is critically important to the national economy as it recovers from the pandemic. This, KPMG says, is one driver for investing in the specialist training for its cross-discipline team.
Tom McGinness, who leads KPMG Private Enterprise’s UK and global family business practice, comments:
“Our investment in equipping our people to be the best family business advisors possible is a sign of our commitment to support family firms across the UK. The significance of their role in the country’s economy means it’s imperative that we fully understand their ambitions and challenges so as to be a valuable member of the ecosystem they call upon to help them prosper.”
KPMG Private Enterprise recently published a report on the ways family firms responded to the COVID-19 economy and how they are positioned for the future. It found clear differences between family and non-family owned businesses in their handling of the challenges, from the extent to which they have transformed, to the practical steps they took to manage costs. It also uncovered themes in the strategies deployed by families in business, spanning transformation, patient capital and social responsibility.
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