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Nine tips for creating a successful family dynasty

Nine tips for creating a successful family dynasty

Most dreams of creating a family dynasty are dashed within decades but a solid succession plan can save money and grief.

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ike many owners of a family business, Nick Rule hopes the next generation of leaders at Hammond Paints will also be family members. He’s the fifth-generation boss of the Victorian paint company started in 1874 – one of only 20 Australian family businesses to survive 150 years or more, according to the Family Business Association.

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Duncan Hughes
Duncan HughesReporterDuncan Hughes is a Walkley award-winning personal finance reporter, based in our Melbourne newsroom. Connect with Duncan on Twitter. Email Duncan at duhughes@afr.com.au

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Original URL: https://www.afr.com/wealth/personal-finance/nine-tips-for-family-businesses-navigating-the-great-wealth-transfer-20240517-p5jejo