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Profits before legacy for family businesses in Singapore: survey

46% of respondents say professionalising business a pressing issue; but 40% say retaining family control is key

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Chiu Wu Hong, head of enterprise at KPMG in Singapore said: "Informal governance structures that may have worked well for the founders of the business may not meet the needs and interests of a new generation.

Singapore

FOR family-run businesses in Singapore, profits come before legacy.

A new report by KPMG and CPA Australia on Singapore family businesses found that 93 per cent of business founders surveyed said continued profitability was more important than preserving their legacy.

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