Family Business Succession Ep 6: Planting a seed beyond the family enterprise
This is the sixth blog, in a series of seven, where we talk about successful family businesses and, especially, when transitioning to the next generation. We talk, in-depth, with our resident family business expert, Michael Fox. As our Managing Director, Michael implements many of the recommendations he speaks about for family businesses in our own as, to be successful in any business, takes alignment and common principles.
In this blog, we discuss investing outside of the traditional family business. This may sound like an oxymoron but, just as anyone working for or in a business, we want to pay off our house or into superannuation, so that we can prepare for future needs and build wealth. The same is true for aspirations of individual family members in a family business, with the added complication of being in a family business! They may have ambition to provide a future source of wealth, interest and challenge for future generations, so investing in another type of business or industry may become an option.
To find out more about succession in family business, download Michael’s Riches to Rags in Three Generations, take a look at the services we provide to support you or contact Michael for a free consultation.
This podcast is brought to you by KMT Partners. KMT is a leading accounting and wealth management advisory firm in South Australia, assisting you to emerge, renew, grow and build resilience in business, themes which are central to this podcast series. For more information visit KMTpartners.com.au
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This podcast is hosted and produced by Andrew Montesi from Apiro Consulting apiroconsulting.com