PART 2 - Andy Gowers, succession planning expert, on the best way for families to stay together while tackling the complexities of managing generational wealth.

@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

Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

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Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au