Family Office with Lance Meikle Podcast Por genmfo arte de portada

Family Office with Lance Meikle

Family Office with Lance Meikle

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A pathway to wealth, health, and leaving a legacy. The podcast for those that are seeking a way of living that is healthier, enables you to be wealthier and live your life whilst leaving behind a legacy. Family Offices are the only entity that unites families and implements inter-generational wealth transfer and purpose and Generational is the out in-front leader.Copyright 2020 All rights reserved. Economía Finanzas Personales
Episodios
  • TRANSITIONING A FAMILY COMPANY TO FAMILY MEMBERS

    TRANSITIONING A FAMILY COMPANY TO FAMILY MEMBERS
    May 30 2023
    TRANSITIONING A FAMILY COMPANY TO FAMILY MEMBERS I’m going to highlight the key points and takeaways that I have experienced personally as a business owner and father, Family Office specialist, a facilitator and a non-executive director. Mothers and fathers of family-owned companies want to safeguard future generations and those around them that they choose to support. They live, breath and sleep the company is the mothership that must be protected at all costs because it is the protection of them personally and the future financial protection of those they care about. Transitioning a family company to family members must be book-ended by Estate Planning and putting the fundamentals in place, such as wills, powers of attorney and insurance. A will is a cornerstone of succession planning because it sets out how an estate should be divided between beneficiaries. Powers of attorney can ensure a trusted person can administer assets and protect interests if the testator (this is the person making the will) becomes ill or incapacitated. The powers can be specified to match requirements. They can also be revoked. Insurance can be a tax-effective way to top-up an estate and take care of tax obligations and debt. Insurance payouts can also help equalise imbalances in the distribution of wealth, which might arise if there are valuable but illiquid assets. Some statistics worth taking note of: •According to the Productivity Commission, Baby Boomers in Australia are expected to bequeath $224 billion a year in inheritances between 2023 and 2050 as housing and superannuation wealth creates a $3.5 trillion windfall for younger generations. Most families are unprepared for the communication and planning required to ensure a smooth transition of this wealth, which is expected to increase fourfold over the next 30 years. •ANZ Private Wealth, which manages the wealth of 7000 families, has reported 70% of intergenerational wealth transfers fail because of family conflicts, dissipation of wealth, misaligned values, and delays. The qualification to be an ANZ Private Wealth customer is about $3million worth of investable assets or debt (excluding the family home). ANZ’s analysis is based on 3000 private banking clients over 25years. •It is estimated that family disputes about wills and estates have jumped by about 80% in the past decade as the number of “blended families” has risen sharply. Most of these cases end up in court, often wasting large chunks of their inheritances in very expensive legal fees that split families and leave unhappy legacies for future generations to resolve. Q: What are the steps | strategies that create a successful transition of a family business that secures wealth, values, and legacy without blowing up the family? •Identify who is going to be your Advisor Concierge (trusted advisor)? Don’t assume that you will turn up to your Accountant and have a chat and it will work itself out, IT WON’T. Most qualified accountants are (at best) not skilled on this topic and (at worst) not interested in it. UNDERSTAND that what is required and critical to achieve the result you are after is EXPERIENCE. Experience does not only count, it is everything. •Consider establishing a Family Office that, along with a plethora of other benefits, has Management Team meetings to discuss and implement what is to go to who, when and how. These meetings should also include family committees to discuss various operational aspects of the company, who wants to, and does not want to, work in the company, together with investment decisions and philanthropy or impact investing decisions. These meetings are typically held quarterly. By taking the time to discuss, debate and deliberate families can: - understand the views and aspirations of all members of the family and take them into account - share information about the family’s wealth while maintaining personal and commercial confidentiality - provide the next generation with an idea of the security family wealth can afford and what responsibilities it involves - discuss options for gradually sharing wealth and opportunity, and - reach a collective family view. Q: Are there strategies to create practical experiences for family members to glean a better understanding of what is involved in running a family business? Yes, there are, and they include: •Becoming a director of the company &/or corporate trustee (if a discretionary trust is the owner of the shares of the company) to provide insights into regulations, managing wealth and demonstrating family values. •Networking with peers, such as joining parents at arts or sporting events, to encourage knowledge of business communities. •Interacting with advisers to provide access to experts and business insights. •Joining the business which might involve a parent or in-law being a coach, mentor or becoming a seed investor. •Engaging with philanthropy to teach values and responsibilities beyond the ...
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    10 m
  • WHY LOOK AT FAMILY OFFICE SECTOR?

    WHY LOOK AT FAMILY OFFICE SECTOR?
    Sep 18 2022

    WHY LOOK AT FAMILY OFFICE SECTOR?

    Thanks for spending some time with me listening to this episode: Why look at Family Office sector? I know you’re going to enjoy listening to some practical information about the reasons and journey some take to look at the Family Office space.

    Today, I’m speaking with Antony Selby who will provide us with his pathway-to-date in looking at the Family Office sector and what he has discovered, liked and disliked.

    Antony, welcome to Family Office with Lance Meikle podcast. Antony, it’s a real privilege to be chatting with you today particularly because I know what I know about your background in relation to your family. Let’s get started by you telling our listeners

    • about yourself
    • your journey to this point and
    • how we met

    You have recently made a bold step to go alone.

    • How did this come about?
    • What is the new business name?
    • What is the problem your business is solving?
    • How are you progressing?
    • Any regrets at this point?
    • Why | where does Family Office fit into your plans?
    • What haven’t you liked on your Family Office journey?
    • What have you discovered as the difficult barriers-to-entry of being a Family Office adviser?
    • How have you found stakeholders in Family Office space available to assist?

    Lessons learnt: Knowing what you know now, what are the things you wish you had learned earlier in your career?

    What is the best way for anyone in the audience to contact you?

    Antony, it’s been an honour to have you on the episode. Thanks for sharing your insights and experience with our audience. If someone listening wants to get in contact with you, what is the best way to do that?
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    54 m
  • WOMEN IN FAMILY BUSINESS VIA A MULTI-GENERATIONAL OUTLOOK

    WOMEN IN FAMILY BUSINESS VIA A MULTI-GENERATIONAL OUTLOOK
    Nov 28 2021

    WOMEN IN FAMILY BUSINESS VIA A MULTI-GENERATIONAL OUTLOOK

    The next generation of family business owners are shifting the conversation around diversity and purpose and the need to adapt governance practices for improved performance and succession planning.

    According to international research by KPMG and the STEP Project, published in KPMG Family Business Planning Diversity Entrepreneurship report;

    • In Australia, family businesses provide 55% of private sector employment
    • Only 31% of global family businesses had women on the board, while only 18% of current family businesses were female.

    A multi-generational outlook of family enterprises by Deloitte’s titled Planning beyond the horizon: a multigenerational outlook report into the role of family enterprises cautioned:

    Without the right planning and preparation, some family enterprises may fail to successfully transition to the second generation, and the process becomes even more challenging for third or fourth generations.

    According to the report, families that can define 10–20-year aspirations and six to 12-month initiatives, with a clear line of sight from one to the other, will be more likely to stay ahead of the game.

    The report offers three tips for embedding a multigenerational outlook in your family enterprise:

    • Formalise planning processes – put capability-building on a schedule, deploy actual resources toward chosen initiatives and put in place metrics to measure whether they are progressing as planned
    • Put family governance in place – family enterprises typically have excellent business governance, but few operate with the same level of rigour when it comes to family meetings or communication. Yet to plan beyond the horizon, it’s essential for the next generation to be included in their long-term decision making to align family strategy with business strategy
    • Prepare the rising generation – letting go is not simply about the incumbent generation giving up power. It’s about preparing and educating the rising generation. Heirs to family businesses can’t sustain their leadership through raw power. The previous generation and their stakeholders must grant them the authority to lead. Preparation should be focused on how to nurture the rising generation, setting multigenerational targets together and using deviations from meeting these targets as learning experiences. Learning together as a family sustains the family’s power to adapt to disruption.

    The metrics of Australian family businesses

    The source for the data I’m about to give you is from:

    Grant Thornton, Family Business Australia Survey 2021

    • 8 in 10 family businesses are forecasting revenue growth in the coming year
    • 76% said COV-ID 19 had no impact on succession plans
    • 56% of family businesses have plans to transition leadership
    • 65% of those will transition to another family member
    • 30% have not considered succession | leadership transition
    • 32% have considered change of ownership
    • 8% of family businesses have a retirement plan for the CEO | Managing Director
    • 70% of Australian businesses are family businesses
    • $4.3 trillion is the estimated value of the family business sector in Australia
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    10 m
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