As some of its icons are farewelled, a new generation is taking the reins. So far, Australia’s business landscape has remained relatively stoush-free.
has farewelled four of its most iconic figures: Sydney property icon Lang Walker, veteran rag trader Marc Besen, car dealing legend Laurie Sutton and agribusiness giant John Kahlbetzer.
There are many different structures in place. In some instances, power is shared and then transferred over time.So how have most of our richest managed to avoid the fate of the Roy family in the hit TV dramaIt is 30 years since the Rich 200 edition contained one of the first pieces foreshadowing the looming transfer of wealth to the next generation; in 1994 it said the “corporate landscape has taken on a greyer hue” as 107 members of the Rich List made it past 60 years of age.
A key part of these plans is usually bringing in outside help, either from independent board members, trusted external advisers or non-family executives. Lang Walker’s empire will remain under family control, for example, but will be run by senior executives who Walker handed day-to-day control to last year,Beyond this, there are many different structures in place.
How have most of our richest managed to avoid the fate of the Roy family in the hit TV drama Succession? Good planning has been key.
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