Hawaii Family Business forum addresses leadership transition am - Hawaii News Now - KGMB and KHNL

Hawaii Family Business forum addresses leadership transition among family businesses

(Image: Hawaii News Now) (Image: Hawaii News Now)
(Image: Hawaii News Now) (Image: Hawaii News Now)
HONOLULU (HawaiiNewsNow) -

According to a recent survey by Market Trends Pacific, 70 percent of family businesses in Hawaii do not have a succession plan. Sharing best practices for how to succeed as a family business, the Hawaii Family Business Institute (HFBI) powered by Business Consulting Resources, Market Trends and Hawaii Business magazine will host the Hawaii Family Business Forum from 11:30a to 1:30p on Thursday, June 8, 2017 at YWCA Laniakea, Fuller Hall.

Presented by Bank of Hawaii, the Hawaii Family Business Forum will feature a panel of leaders in Family business to include, Chuck Kelley, M.D., former chairman of Outrigger Enterprises Group, a family business with a 70-year history in the Islands. Duane Kurisu, founder and chairman of AIO, will kick off the Forum with comments about his first-hand experience in family business.  The panel will share their insights on succession planning, conflict management, family business governance  and other issues faced by family businesses.

HFBI, in partnership with Market Trends Pacific, conducted the first ever survey of family businesses in Hawaii to better understand the unique challenges they face. The results clearly demonstrate a need for local family business owners to prepare for the future now to ensure a successful succession in the years to come.  Ken Gilbert, President of Business Consulting Resources, is clear that the next decade will be tough for Hawaii family businesses facing the largest intergenerational shift in wealth ever.   “Coupled with possible lackluster economy in the future and continued Family business challenges, it is critical for Family businesses in Hawaii to prepare for a potentially rocky transition.  It is important for the State that we get this right as Family businesses constitute over 60% of the Hawaii economy.”

“The survey results are pretty clear in that 70 percent of Hawaii family businesses do not have a succession plan and nearly half of the family businesses surveyed agree that they engage in conflict that disrupts the business,” said Wanda Kakugawa, president and owner of Market Trends Pacific Inc. “The forum is geared toward providing family business owners best practices for avoiding issues such as disrupting the family unit, risking optimal wealth transfer and losing the family legacy.”

Added Laurie Foster, senior consultant and partner, Business Consulting Resources, Inc., “We’re excited to bring together leaders from within Hawaii’s family businesses to share their experience and personal stories. And, we’re truly thankful for our sponsors, including Bank of Hawaii, which plays such an important role in helping business owners, families and community members reach their financial goals so that they may continue to be successful.”

The cost to attend the Hawaii Family Business Forum is $20 ($15 group rate) and includes lunch. To register, please visit HawaiiBusiness.com/familybusinessforum or contact (808) 534-7145 for more information.

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