In conclusion, this COVID-19 scenario may be yet another source of disruption for a family in very uncertain times. However, it can be used as the trigger for improving the family’s self-awareness of its values, and its governance structures. This in turn can lead to a more robust and meaningful relationship between the family and its operating assets. For family members instead to sit back and wring their hands in despair rather than take action would be a waste of a good crisis.
With thanks to members of the KPMG Australia Enterprise team for inspiring this article.