Episode #8: Handing on to the Next Generation with Accountant and Grazier Sarah Becker  

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Show Notes:

A family business is a great way to build intergenerational wealth but by nature they’re a bloody tricky beast. We have all heard the horror stories of families that had built successful intergenerational businesses only to deteriorate into squabbles and eventually total breakdown. Not only is all that wealth squandered, but opportunities for future generations are lost, and family relationships are permanently damaged. It is rarely due to a one-off event. More often it is owing to a series of cascading incidents over the very long term and through the generations.

I noticed throughout my career that two of the major contributors are poor communication and the lack of effective planning. Another is how to integrate and involve the next generation successfully in the family business, particularly when there are multiple children. I have had many conversations with families who have children who want to come back to be involved in the family farm or business but struggle to find a way to structure it.

But there are success stories out there and what we often forget is that they faced the exact same issues that all family businesses face. No family business is immune. The difference being that they confronted the problems head on and managed to resolve the issues which is why they are where they are today.

Our guest today is Sarah Becker.

Sarah is one of the young, smart, and driven success stories. She is well known and actively involved in the rural community, she’s a Mum to an energetic young boy, she is a Chartered Accountant, a trusted adviser to many successful rural families and she is a significant part of the family grazing business and accounting practice based in Central Queensland.

If you’re involved in a family farm or business or have kids that have come back or want to come back and join the family business, you need to hear what Sarah has to say today.

You can find Sarah online at:

Website:     https://www.beckerco.com.au
Facebook:  https://www.facebook.com/BeckerandCoQld
Instagram: https://www.instagram.com/beckerandcoqld/

Ben spent over 20 years working with successful business owners and farming families which allowed him to unearth the timeless principles on how to successfully grow, protect and maintain wealth.

If you want to learn the principles of how to grow your family’s wealth throughout the generations, then you might consider joining The Financial Bloke each fortnight for more Wealth & Wisdom.