Owner To Owner Podcast PART 1 - 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
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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