Separating family and business

chief-executive/

3 December 2008
| By John Wilkinson |

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks 1 day ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 6 days ago

TOP PERFORMING FUNDS