Four concerns that keep high net worth business owners awake at night
Leadership and ownership, legacy and wealth transition are the key concerns keeping family business owners awake at night says Anthony Sloan, Matthews Steer’s new Senior Private Client Adviser.
Sloan, who worked as a Senior Client Manager with the Myer Family Company before joining Matthews Steer, says it’s wrong to assume the bottom line is the only thing High Net Wealth (HNW’s) business owners lose sleep over.
“There are a number of concerns that keep the HNW business owners awake at night and it’s not always the businesses finances. Rather it’s who will ultimately lead the business, who will own it and how to transition wealth to the next generation,” says Sloan. “Family values are important, they are both an anchor and a lens for the family as to whether business, investment or family decisions are aligned with their core values. It also helps the next generation to understand and preserve the Founder’s legacy.”
Sloan says working closely with wealthy families to develop sound governance, is pivotal. He continued that ”many family businesses don’t survive beyond the third generation and wealth can also be lost - planning, governance and educating the next generation is crucial”.
“I’ve had the privilege of witnessing many family discussions relating to their family and their business” he says “it can become a difficult conversation and at times, quite emotive. You need to peel back the layers to truly understand what’s important to them and what they want to achieve".
“Every family is different, there is no one size fits all strategy. Whether they are planning for a family member to take over the business or selling to provide financial security for the next generation, you have to develop a tailored strategy to achieve that. In some cases, simply structuring their affairs to protect the family’s wealth from divorce, illness or addiction is a key driver.” Sloan continued “My role is to develop a tailored plan that helps them sleep at night.”
Anthony Flapper, Matthews Steer partner, Director and Head of Private Wealth, says Sloan’s investment approach will add another dimension to his team.
“We wanted to expand the Private Wealth Division’s offering by bringing on a new Adviser, with fresh eyes, experience and a different skill set to compliment and strengthen the business’ offering in the financial advice space.”
“Anthony’s investment approach applies across the board from Mum and Dad investors to the ultra-wealthy to Charities”. Flapper continued “His experience advising a spectrum of charitable clients from an investment perspective as well as acting as Co-Trustee and secretary for various Foundations, enhances our capabilities. At Matthews Steer, we have a strong focus on our local community.”
“Having worked at the Myer Family Company, ANZ and Equity Trustees, Anthony has extensive experience working with high-net wealth families and charities, and possesses very structured investment philosophies and has developed tried and tested systems, processes and methodologies for dealing with family business finances and wealth management.”
CEO, director, and founding partner of Matthews Steer Ken Matthews says he’s excited about what Sloan will bring to the company.
“To secure Anthony is a massive coup for us. He’s worked with so many successful family businesses and entrepreneurs during his time at Myer Family Company and brings a wealth of knowledge. His experience and capability is something we’re delighted to have at Matthews Steer. It’s the most senior appointment we’ve made for many years,” says Matthews.
To speak to Anthony about how he can advise you on Leadership and ownership, legacy and wealth transition in your family
business call (03) 9325 6300.