Family Business Succession Planning Lessons You Can Learn from the Murdoch's
- Future Accounting
- Sep 25
- 3 min read
Written by: Chris Mulcahy
How family business succession planning can secure generational success
When it comes to family business succession planning, the Murdoch family saga is like the ultimate Netflix drama: billion-dollar stakes, boardroom tension, and enough family politics to keep us all entertained. While most farming or small business families don’t have global media empires to hand over, there are still valuable lessons to be learned.
Why family business succession planning matters
Succession planning is about more than just choosing who takes over. It’s about protecting your family’s wealth, minimising conflict, and ensuring your business thrives for generations. The Murdochs showed us that when succession isn’t clear, confusion and rivalry can take over - and nobody wants that playing out at Christmas lunch.
Lessons from the Murdoch family
Lachlan Murdoch may have been chosen as successor, but siblings James, Elisabeth, and Prudence had ambitions of their own. The result? Years of speculation and public family drama.
Lesson for family business succession planning: Be transparent. If one family member is best suited to lead, communicate clearly with the rest of the family. That way, expectations are managed, and relationships are less likely to sour.
Timing the handover right
Rupert Murdoch only handed over control in his 90s. That’s one way to stay in charge, but it doesn’t give the next generation much time to lead.
Lesson for family business succession planning: Don’t wait too long. Start early with mentoring, responsibility sharing, and trial leadership roles. Think of it like teaching someone to drive: you don’t wait until the freeway entrance to hand over the keys.
Balancing family harmony and business needs
In many families, one child may be more business-minded while others have different skills or interests. Ignoring this balance risks resentment.
Lesson for family business succession planning: Separate business decisions from family relationships. Roles and rewards don’t have to be equal, but they should be fair and transparent.
The role of governance in family business succession planning
The Murdochs have trusts, boards, and complex voting rights. While your family business may not need layers of lawyers, some governance goes a long way.
Lesson for family business succession planning: Set up a family council, advisory board, or even simple rules about how decisions are made. This keeps business discussions professional and prevents them from spilling into Sunday dinners.
Take action with your own family business succession planning
While your business may not be worth billions, it is priceless to your family. The best time to plan for succession is now, not when it becomes urgent. A clear, fair, and early plan will protect your legacy, reduce stress, and keep family harmony intact.
And here’s the bonus. Good family business succession planning also means you can take full advantage of the generous concessions available to family businesses, such as the Small Business CGT Concessions, stamp duty reliefs, and other tax opportunities. With the right strategy, you’re not only setting up the next generation for success you’re making sure the transition is as tax-efficient as possible.
Ready to create your own family business succession plan and unlock the concessions available to you? Book an appointment with us today and let’s ensure your business handover is smooth, fair, and financially smart.
Disclaimer
This article does not constitute financial advice and is for general information only. It does not take into account any individual’s personal objectives, situation or needs, and is not intended as professional advice. Any similarity to an individual’s personal circumstances and the examples provided in this article is purely coincidental. Any person acting upon such information without receiving specific advice, does so entirely at their own risk.
Authorisation under an Australian Financial Services Licence (AFSL) is not required in the provision of this article and the author plus Future Accounting Group Pty Ltd is not acting in its capacity as an Australian Financial Services Licence holder
Liability limited by a scheme approved under professional standards legislation.
