In an insightful feature on approaches to succession among Australia's wealthiest families, AFR journalist Neil Chenoweth conveys insights from a range of their most trusted advisers, including Arnold Bloch Leibler's senior partner Mark Leibler.
Neil writes that Mark believes it's always best to be upfront about succession plans. “I think the more [children] know the better, frankly, I really do,” he said. “It prevents resentments from breeding – if some know, but others don’t, that in itself can be a source of destabilisation.
“If they all are aware of what the structure is and what’s going to happen, at least they can put a different view, and it can be debated.”
The article highlights a number of high profile succession stories, both successful and unsuccessful, and turns to the advisers to try to explain why some families navigate the complexities of succession better than others.
“It depends so much on the family – there aren’t rules for this . . . You can’t write a textbook on it, a one size fits all. You need experience coupled with a bit of wisdom.”
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Mark's summary: "It’s all a question of psychology. It depends so much on the family – there aren’t rules for this . . . You can’t write a textbook on it, a one size fits all. You need experience coupled with a bit of wisdom.”
To read the full article, click here.
