Heirs, Egos, and Exit Plans - Turning Family Business into a Battleground

Let’s face it: talking money with your family can feel like navigating a minefield in thongs. But if you’re part of a family business, avoiding these conversations is a luxury you can’t afford. It’s not just about who gets what share or who sits at the head of the table; it’s about making sure the business, and the family, are still standing strong when the dust settles.

As kids become adults, they move from being the ones sweeping the shop floor or helping out on weekends to the ones who need to understand what keeps the lights on. Suddenly, it’s not just about how much is in the till at the end of the day, but about cash flow, debt, and whether that new ute is a business expense or just a shiny toy. Family meetings that rope in adult children for real discussions about the business’s future aren’t just a box-ticking exercise-they’re the difference between building a legacy and ending up as a cautionary tale in someone else’s business seminar.

Risk is a fact of life in business. Markets change, competitors appear out of nowhere, and sometimes the weather just refuses to play nice. Adult children need to learn not just how to spot these risks, but how to plan for them-whether it’s insurance, diversifying the business, or just having a plan B (and C) up their sleeve. If you’re not talking openly about what could go wrong, you’re not planning, you’re just hoping. And hope, as any seasoned business owner knows, doesn’t pay the bills.

Then there’s the world of financial products. The choices are endless, the jargon is thick, and the wrong move can set you back years. Whether it’s business loans, superannuation, or investment strategies, encouraging the next generation to ask questions, challenge assumptions, and learn from both wins and losses is essential. If you want your kids to take over the business, they need to know more than just how to run the day-to-day-they need to understand the big picture, and that means getting comfortable with the uncomfortable parts of finance.

Every family will hit a snag when the stakes are high. A Family Adviser then becomes worth their weight in gold.

At some point, though, every family hits a snag. Maybe it’s a disagreement over the future direction of the business, or maybe it’s just that old family dynamics rear their heads when the stakes are high. This is where an independent Family Adviser becomes worth their weight in gold. Think of them as the umpire in a family game that’s getting a bit too competitive-they keep things fair, call out the fouls, and make sure everyone is playing by the same rules.

Take, for example, a farming family from regional Victoria. After years of working side by side, the parents were ready to step back, but their two adult children couldn’t agree on how to split responsibilities, let alone assets. Tensions simmered, and what should have been a proud passing of the torch started looking more like a slow-motion train wreck. Over the course of six months, with regular meetings and some tough conversations, we helped the family cut through the emotion and focus on what really mattered: keeping the business viable and the family intact. Not only is the farm still running, but Christmas lunch is now back on the cards.

A Family Adviser's real value isn’t just in their technical know-how, though that certainly helps. What sets a good Family Adviser apart is their ability to ask the questions no one else wants to ask, and to do it in a way that gets people talking honestly. Who actually wants to lead the business? Who’s just along for the ride? What does success look like for each person around the table? These aren’t easy questions, but they’re the ones that matter.

Crucially, an independent Family Adviser such as Canopy East isn’t there to sell you a product or push a one-size-fits-all plan. Their only agenda is helping your family work out what you want and how to get there. They’re the circuit breaker when things get stuck, the translator when conversations get lost in emotion, and the safety net when the process threatens to go off the rails.

And let’s not pretend succession is a one-and-done exercise. Life changes, people change, and sometimes the business has to pivot on a dime. A good adviser sticks around for the long haul, helping the family revisit plans, adjust to new realities, and keep the lines of communication open. Because in the end, a successful handover isn’t just about assets or authority-it’s about trust, respect, and the kind of open communication that keeps both the business and the family thriving.

If you want your family business to be more than just a memory, start the conversation early, bring in the right help when you need it, and don’t shy away from the tough stuff. Because the real legacy you leave isn’t just a business-it’s a family that knows how to talk, plan, and back each other, no matter what comes next. And that’s worth more than any bottom line.

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