Our latest insights

Succession planning is a key issue that all will eventually have to face. While some businesses would have considered a family business successor, what is often overlooked are internal risks.

If Family Business owners wish for their business to pass on from generation to generation and keep their business within the family, preparation and training should start at birth. This requires a dedication and devotion of education, time and care, and it is important to be proactive with planning.

The term “Family Office” is often misunderstood, so what does it mean? What does it specifically mean to your family and why is it important? Family Office places structure around your investments for the future and ensures that you are asked to consider the important questions.

Conflict in family businesses – in fact, all businesses – is a reality of any workplace. Understanding the source of a conflict, and where tension triggers exist, can help businesses pre-empt, spot and manage clashes and turn these differences into positives.

Family businesses with plans are more likely to thrive. Having a solid plan the whole family helps to develop and evolve not only means businesses are more robust in the present, but also in a solid and sure position for future growth and opportunities.

When families come into large sums of money – typically from the sale of a business or property – the question often arises: ‘Do I gift this money now to my family or do I wait and include it in my estate?’

‘We have always done it that way.’ The seven most expensive words in a business, remarked Janine Allis from Boost Juice at the recent Family Business Australia conference.

In this podcast, Kirsten Taylor-Martin and Simon Gow, Partners in the Private Business Tax and Advisory team at Grant Thornton Australia discuss setting up a family office.

When considering starting a Family Office, it is important to know the potential pitfalls that may affect your wealth position and how every family member has the potential to impact this wealth – positively and negatively. And many are often an untapped resource.

The complex multi-generation relationships in a family business define their success – and often underline their failures

Learn our five tips to any family member wishing to join the Family Office – and for the family wishing to appoint an official role

Well over half of all Australian family businesses do not have processes in place to deal with conflict, to clearly express the aim and goal of the business and to allow for transition and succession. Consulting a third party facilitator can assist with the formation of a governance structure. A facilitator provides a layer of independence as they are not emotionally involved, and serve in holding the family accountable, aiding in dealing with more sensitive matters.