In our previous instalment, we have highlighted the challenges of CEO succession. Talent development is another sensitive topic, which requires a broad approach strategy to ensure that the next generation will thoroughly understand its role in the firm’s future.
Planning the succession of the CEO in a family-run business requires a series of considerations and carefully planned decisions. In some instances, the person leading the board of directors may be resistant to being replaced.
Family-owned businesses represent around 75% of all Maltese enterprises, with many having evolved through generations from small realities to fully-fledged multinationals. Over three decades, Grant Thornton has supported family businesses in planning and implementing solutions to navigate through the most challenging decisions.
Family business always had a pivotal role in the economic growth of any nation, and Malta makes no exception, with over 75% of businesses being family-owned.
The Duty On Donations of Marketable Securities And Immovable Property Used For Business (Exemption) Order, allows donations of marketable securities and business property used in a family business, to be subject to a reduced duty rate of 1.5%, from the standard 2% or 5%.
