Family business/Forvis Mazars

Editorial staff

Forvis Mazars has emphasized that family businesses play a critical role in Thailand’s economy, accounting for over 80% of small and medium-sized enterprises (SMEs) and 67% of listed companies on the Stock Exchange of Thailand, contributing to 50% of total market capitalization.

Given their vital role, ensuring smooth succession and sustainable growth across generations is essential. According to Forvis Mazars, one of the key ways to achieve this is through proper tax and legal planning. Without it, family businesses may face significant challenges such as internal disputes, tax burdens, or even loss of control to outside investors.

The firm encourages business owners to implement internal controls and establish clear succession structures, such as family charters and holding company models, to minimize tax exposure and enhance flexibility for future investment or sale opportunities.

“Tax and legal planning not only support efficient business operations but also safeguard family wealth across generations,” said Parin Supsavaipol, tax director at Forvis Mazars Thailand. “We have seen many cases where lack of planning became a major barrier during mergers, acquisitions, or due diligence processes.”

Citing examples of successful global family businesses such as Heineken, BMW, and Asia’s own Lee Kum Kee, Forvis Mazars highlighted how strategic planning, clear governance structures, and shared family values are the cornerstones of long-lasting success.

Forvis Mazars is launching a series of articles to help guide family business owners through key legal, tax, and accounting considerations from startup to maturity. Topics will include restructuring through holding companies, optimizing group shareholding, and preparing financial systems for growth or public listing.

With offices in over 100 countries, Forvis Mazars offers tailored professional services in tax, legal, accounting, audit, and financial advisory to support family businesses in navigating complex challenges and achieving their long-term vision.