Australian family firms share insights into how to beat the second generation curse and the steps needed to succeed as a family business past the third generation.
Trust and communication are key and need to be maintained at all times when working in a family business.
They are important values in any business but come to the fore in the family firm and are of paramount importance when it comes to succession and transitioning from one generation to the next.
Over the next two decades in Australia, $4.5 trillion will be passed from Baby Boomers to the next generation and this threatens to cause friction in some of the nation's wealthiest families. In a slight variation on the Anna Karenina principle, Australia's wealthiest happy families might be all alike but every unhappy wealthy family is unhappy in its own way, according to David Smorgon, executive chairman of family, business and wealth at PwC Private Clients.