The owners of many family firms view themselves as custodians, managing the family enterprise for the benefit of future generations. Successfully navigating the transition from one generation to the next is often the “holy grail”, but only one-in-three make it to the 2nd generation, while just one-in-ten survive to the 3rd generation.
Why is this?
What is needed is a more scientific approach to understanding the key elements of succession planning, rather than the dark-art approach which leads so many to transition failure.
Utilising data obtained from the 2021 Family Business Australia and New Zealand & Grant Thornton Family Business Survey, this session will analyse some of the key features which can assist family firms to be transition-ready, along with in-depth practical experiences contributed by a panel comprised of the members of some of Australia’s most iconic and awarded family businesses.
By combining the results of our research with the practical experiences of our expert panel, we will explore some of the key challenges of generational succession, and identify the key focus areas of building a successful transition plan.
Four visionary, multi-generational family business leaders, determined to sustain their businesses into the next generation, share their business transformation stories to inspire family-owned businesses navigating market resilience and generational transfer.
Driven by the legacy of four generations of Colquhouns, CEO Rob Colquhoun, reinvented the family’s fifth generation agricultural packaging business using brand, culture and technology. However, for non-executive director of second generation family business, Forty Winks, Cameron van den Dungen, disrupting the industry meant starting a new business outside the family’s core business.
Malcome Buckner, Chairman and Managing Director of fourth generation family business, The Buckner Group, follows the family’s long entrepreneurial tradition of business transformation. He knows first hand the value of strong R&D investment. For Morag Pugh, Director and Shareholder of QLM Label Makers, a second generation family business, customer centricity, advanced technology and agility, combined with embedded family values, has sustained the business’ market leadership.
Hear the highs and lows as each business leader discloses how they manage the challenges, risks and opportunities, to keep pace and survive the next generation in an unrelenting global change.