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Family business model helping Vietnam’s economy develop

Family business has accounted for a significant contribution to the development of Vietnam’s economy. The transition-ready and succession-ready have become the common trends and important to the family business, not only in Vietnam but also in many other countries around the world. Accordingly, we are delighted to present the Grant Thornton Australia and Family Business Australia and Family Business New Zealand 2021 Family Business Survey report.

For the first time, the survey also examines how succession-ready family businesses differ in their policies and operations from other family firms, utilising Grant Thornton’s unique seven-step FREEDOM succession planning framework (Financial security, Refocus of life plan, Electing a successor, Education and support, Disasters and unplanned events, Objective alignment, Managing communication).

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According to the result of survey, there was a clear link between transition-ready or succession-ready family businesses and resilience, in particularly:

  • Succession remains a critical issue for family businesses;
  • Transition-readiness connected to better financial performance;
  • Sources of conflict across the generations gender not a factor in priorities or satisfaction.

We see that the family firms with strong governance in place and that are ‘transition-ready’ far outperformed their peers in terms of resilience in the past, prospects for the future, and overall satisfaction with their achievements. The call to action for all family businesses, particularly in these uncertain times, is to invest in good governance.

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