Separating family and business
Creating separate structures to manage the family and its business is important to avoid conflicts that will eventually destroy both entities, according to The Solutionist Group chief executive, John Kenfield.
However, Kenfield warned that there was a long process to be undertaken before any structures could be put into place, including finding out what a family really valued.
Addressing a Dealers’ Group conference in Melbourne this week, Kenfield said the process started with considering what the principles of the family are — a process that could be uncomfortable for some members but did result in the creation of a set of values a family could adhere to.
“I also want to know what the family is trying to achieve and once we have done that then they have a vision for future generations,” he said.
The next stage was to work out the conflicting dynamics of the business and the family in circumstances where a business may want to be competitive in a market but a family wanted to keep things going in a protective way.
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
