Under the theme ‘Next Generation Transition,’ the Family Business Council-Gulf (FBC - G) Annual Regional Summit will take place in Dubai from 27-28 April; an issue that is fast becoming one of the main concerns for the family firms in the region with many of them moving from first to second or second to the third generation.
The theme reflects importance that the event places on highlighting the sustainability of family businesses. Local companies are currently working to address the challenges by passing on wealth and management tasks to the next generation.
According to The Family Firm Institute in the United Kingdom, only about 30% of family and businesses move into the second generation, 12% are viable in the third generation, and only about 3% of all family businesses operate into the fourth generation or beyond.
His Excellency Abdulaziz Al Ghurair, Chairman of FBC - G, said: “This year, we've chosen the Next Generation Transition - the heart of family business continuity - as a theme, and main topic of discussion considering the fact that the majority of family firms in the region are relatively young.”
“The family firms in the region need to develop and prepare the next generation early on so they build the ‘attachment’ required for the business. They need to better understand the roles and responsibilities of an owner and a manager, and the commitment it entails to join the family business. It is necessary to foster an open and honest discussion with the next generation about what they want parallel to what the family business entails.”
The Summit is expected to host more than 100 regional and international family business leaders, family business management experts, famous motivational speakers, FBC - G board members, and a number of representatives from the Family Business Network International (FBN International).
The Summit, which will be officially launched on 27 April, will host for two days closed discussion meetings, as well as panel discussions and interactive workshops lead by world-class experts, family business leaders, and a number of motivational speakers from the GCC and all over the world.
The first day of the Summit will kick off with a Gala dinner, and will discuss several topics including developing and enabling young leaders, youth entrepreneurship, and the importance of invocation in enhancing family businesses.
Richard St. John, the famous TED Talk programme speaker and the top 20 “Most Viewed” out of 700 great TED Talks, will provide a key note speech on “The 8 Secrets to Success” during the Gala dinner.
On Thursday 28 April, the Summit will host a number of business management experts and famous motivational speakers who will address the Next Generation Transition and all topics souring this theme. People like Dr. Kay Windthorst from Haniel Group, a leading family business firm in Germany, and Alberto Espinosa, The Espinosa Group, a leading family business group in various sectors in Colombia.
Family business leaders and business experts will address top challenges and concerns of GCC family owned firms by throwing selected multi-subject topics, such like corporate governance, and best practices for effective dispute solutions.
The Family Business Council-Gulf is a private non-profitable organization established in Dubai, UAE. FBC - G focuses on providing effective initiatives and programmes to address issues related to family businesses in the region. It hosts regular meetings, conferences, panel sessions and training and developing courses to identity solutions to guarantee the sustainability of GCC family businesses.
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