You’ve worked hard to build your family’s wealth and now you want to protect and grow it. What are the best strategies to fit your unique circumstances and risk appetite?
Part of our Private Advisory practice, Grant Thornton’s Family Office Service is a holistic approach that was created specifically to protect and grow the wealth held by families.
Our family office team specialises in helping business owners and their families overcome challenges to create enduring prosperity for future generations.
Successful families require additional services, so our family office service encompasses the key areas of family, strategic and operational services. We’re able to meet your requirements at any stage of growth for you, your family, your personal assets and your wealth, as shown below and on the following pages.
Family businesses make up more than 1.4 million businesses in Australia and are experiencing unprecedented economic conditions due to COVID-19. As they navigate through these challenging times, family businesses will need to focus on managing cash flow, communication and strong leadership.
With the economic impacts we’re seeing as a result of COVID-19, it’s obvious that cash flow will be a problem for many family businesses. There’s opportunity to maintain cash flow over the coming months by re-evaluating current finances such as your 2020 forecast. Negotiate where possible, with the ATO, your lenders and the Office of State Revenue. There’s also been a number of stimulus packages released to provide relief for businesses such as the JobKeeper wage subsidy.
Good communication is important in a normal business environment. It’s even more paramount when navigating a global pandemic with huge impacts on health and the economy. It needs to be open, clear and empathetic. During this time, you will need to have honest communication with your family, your people, suppliers and customers. Effective communication over the coming months and even years will help you to maintain trust with your stakeholders.
Making difficult decisions and maintaining staff morale in the midst of uncertainty is hard, no doubt requiring strong leadership. Strong leadership comes from a place of living core values even in the most challenging times. It also involves communicating clearly and honestly with stakeholders.
It’s also a time of opportunity in how you shape the future of your business. We’ve compiled a toolkit to get you thinking on where to focus your time and energy. Think about reviewing strategy, opportunities to upskill and developing things you may not already have in place such as a risk management plan. Grant Thornton also has a range of conversation tools to dive deep into these considerations such as the Owner’s Room.
By combining these key services into a holistic family office practice, we provide our clients with personalised, high-quality advice that incorporates fresh and informed perspectives. We appreciate there’s no one-size-fits-all solution, so we tailor our approach and services to suit you.
Our focus is on becoming your family’s trusted advisor. We’re always available, so we can guide you towards making the best decisions and approaches for managing your wealth and complex financial affairs as your circumstances require. Our people work to build deep relationships with our clients to exceed their expectations and address their needs over the long term.
Hear directly from some of our Family Office clients about what it's like to work with Grant Thornton Australia.
At Grant Thornton we’re proud to support Australian Family Businesses. We have FBA Accredited Advisors providing expertise to assist family businesses reach their family and business goals.
