Small Business Banter

PART 1 - Andy Gowers, succession planning expert, on the best way for families to stay together while tackling the complexities of managing generational wealth.

Episode Summary

Andy Gowers launched into succession planning and wealth management driven by personal experience and a deep desire to families and business partners better manage inter-generational wealth. Over 2 episodes he talks about the important but often under-appreciated steps in a successful and harmonious succession plan.

Episode Notes

@andygowers  is a #successionplanning and #wealthmanagement  expert. 

He's got a business marketing degree and financial planning diploma . His professional background includes;

• playing #AFL with @hawthornfc for 12 years (including a premiership at Hawthorn in 1991)
• senior #financialplanning roles @anz 
• founding and selling his own wealth management business

He's launched a new business in Succession Planning (with  David Naphtali) and was recently appointed #president Hawthorn Football Club.

This is part 1 of 2 episodes. Over the 2 episodes we talk a lot about succession planning and #exitplanning for private and family businesses, and cover;

• what he learned growing up in a family #smallbusiness;
  • living in an environment which was on reflection high-stress, where a lot of things that weren't  said caused more problems than the things that were said,
  • and how this led to his fascination in succession planning, and  helping as many families and businesses that he can to address these issues
• what he learned when working in the wealth management area of #ANZbank during the #GFC
• the #pyschologyofInvesting
• the #startup of his own wealth management business with a partner and selling that after 11 years
• why  the financial planning discussion was really important to get the the management of people's wealth right but recognising bigger picture to be drawn was #succession
• his mission to help #families (and avoid the potential downsides of wealth)
• #financialgreed 
• why #communication is so vital
• #entitlement and expanding families
• the mechanics of succession or exit planning
• the critical role of an independent expert to guide discussions
• the #nuclearbutton that can trigger when some sibling or a family member says well bugger you I don't care about the rest of you I'm doing this ......
• why you need honesty but you need #sensitivehonesty
• #founder #purpose
• succession in the #royalfamily #farmingfamilies
• the importance of ensuring your #shareholdersagreement is up-to-date
• #businesspartners
• #insurableexits and #uninsurableexits
• the special role of the #trustedadvisor
• setting #rulesofengagement
• the reality of true succession planning that not everybody's going to cut it

@kerrcapital

@Michael Kerr