Our latest insights

Correctly adopting a sustainable element as part of a supply chain leads to environmental, customer, cultural and community benefits. It also enables family businesses to see significant, long-term financial savings and influences the succession plan for their business.

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.

Whether you’ve just secured the coveted role of Chief Financial Officer (CFO) or you’re on the cusp of becoming one, one thing’s for sure: you’re embarking on a high-stakes, high pressure role.

Hearing the words ‘Division 7A’ is often accompanied with a twinge of anxiety – and for good reason. This area of tax legislation is incredibly complex, and for family businesses, Division 7A can be a particularly difficult concept to navigate.

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?’

Working with our family business clients, we have seen some businesses misunderstand the purpose of, or underutilise, the director appointed as Chair, and therefore miss the opportunities, skills and perspectives this role can bring.

‘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.

While conflict happens, how you manage it can be the difference between a business (and family) that thrives, and one that becomes destabilised.

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.

Next generations are itching to take over – the question is are they ready? Future leaders should allow at least three to five years to demonstrate their credibility and develop leadership skills. There are high expectations of the next generation’s business acumen, financial and industry understanding, the ability to lead and inspire, and capability to overcome hurdles. Taking over the family business is a process that often spans across a number of years, and can be separated into succession of management (that is, responsibility and authority), and succession of ownership.

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