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Money, not legacy, makes Singapore’s family businesses go round

Michelle Zhu Published on Wed, Mar 29, 2017 / 3:46 PM GMT+8

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SINGAPORE (March 29): A growing number of Singapore’s homegrown enterprises are becoming increasingly practical such that the traditional family business model may be going extinct, suggests new research jointly conducted by KPMG and CPA Australia.

The Two sides of a coin: Differing perspectives in Singapore’s family business report is the result of a year-long collaboration between the professional services firm and accounting body. It features survey findings from over 100 family businesses in Singapore in addition to detailed interviews with 20 local business leaders, both founders and successors, on issues that matters most to them.

Based on its findings, although eight out of 10 businesses interviewed acknowledged the importance of family legacy, they believe it should not be allowed to get in the way of business growth and profitability.