Ocean Partners has prepared a range of resources to assist families to navigate the wide and challenging issues that they face as they prepare a family plan to transition wealth to future generations.
The following are summaries of some of the materials available.
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Many family businesses are guided by the founders or family shareholders who provide a combination of strategic, operation and governance roles with little advice from external advisors.
As founders grow older, their businesses face challenges from technology and other disruptors while at the same time, the owners are forced to address the looming issue of succession
An increasing number of businesses are appointing independent directors or external advisors to navigate through these challenging times. While the appointment of independent directors and external advisors can add value, their appointment will also in many cases require a change in mindset for the owner.
We address in more detail some of these issues and talk about alternative ways to enhance the governance culture within the family business.
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Many New Zealand family business owners are running out of time to
‘pass the baton of business ownership’ ensuring that value is maximised and family relationships are preserved.
A successful change of family business control or ownership requires preparation including thoughtful selection of advisors, careful determination of who the likely successor may be (family member or a external party), thorough planning to ensure that policies, procedures, external contracts and operational systems are ready for transfer of ownership and determining a timeframe.
Put simply, "if you fail to plan, you plan to fail".
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Managing complexities when children select different lifestyles.
Families owning large farms are often faced with the dilemma of how these assets should be transitioned to the next generation.
This issue becomes more complex when children have a different appetite for the rural lifestyle - with some children wishing to remain on the farm with a view to taking it over in the future and other children seeking an alternative non-farm career and lifestyle.
The openness of the process that is used to manage inheritance discussions, along with a pragmatic approach to 'fairness' will help to maintain the strength of relationship between children in the future.
This paper addresses some of the specific issues facing farming families and provides some suggestions around processes, timing and most importantly maintaining fairness through the inheritance planning process.
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Do you teach children what you know; or
what they don't know?
Many families have a significant amount of their wealth invested in the family business.
There comes a time when senior family members are considering who will manage the business in the future.
Often there is a decision needs to be made as to whether children are coached to take over from the founders in an operational or executive role.
An alternative is whether they are coached to develop Governance expertise to independent management who are recruited to run the business with day to day responsibility - effectively teaching them wheat they do not know and when to retain specialists and experts to advise and assist..
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Planning for the Distribution of Wealth
to Minors
The distribution of an inheritance to minors can often be the result of unforeseen circumstances, and in many cases is poorly planned - delivering a less than optimal outcome.
While it is never the intention of any parent that their children will be beneficiaries to an estate as a minor, unfortunate and unplanned circumstances can see children facing this daunting process.
Foresight and planning for an event that you hope never happens earlier than reasonably expected, will however provide some structure and support for your children in the circumstance that it were to happen earlier than expected.
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For a small country, New Zealand produces many elite athletes who reach the centre of the world stage in their respective sports, which can deliver the opportunity for staggering career earnings.
If managed well, these earnings will provide life changing financial security, however without the appropriate education and processes, the money will be gone as quickly as it was earned
Career planning, sensible spending, prudent investing and considered structuring of personal finances will help athletes to protect the value of their career earnings.
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The Families and Business Series captures the story behind the business along with unique personal insights from some of our leading local business owners and entrepreneurs.
An Interview with Neil Graham, co-founder of Mainfreight talking about starting the business, his love of fine motor cars and philanthropy - August 2015.
We had so much to talk about in a short time and while the interview captures Neil's unique strategic business mind, more importantly it touches on many of the charitable causes he has supported and the many lives he has made a significant difference to over the years.