PwC Australia has appointed David Smorgon as the Executive Chairman of its Family, Business & Wealth practice in Private Clients, furthering its commitment to family business advisory in the country.
PwC's Private Clients Leader David Wills said David Smorgon's role bolsters the firm's already successful Family, Business and Wealth practice and is a reflection of the growing interest in succession planning and building family harmony.
"David Smorgon has been working with PwC for the past year as a consultant, helping families develop strategies that will give them the best possible chance of success - both in terms of growing the family business as well as achieving and maintaining family harmony," Mr Wills said. "Given the growing demand in the market for this kind of work, PwC has acquired Mr Smorgon's family advisory business, Pointmade, to ensure David's availability to our clients.
"In consultation with a market-leading global family business advisory firm, PwC has developed a unique methodology and framework that is helping families address the difficulties and sensitivities of succession and transitioning of wealth.
"We're investing heavily in building a unique skill, with a national team now working closely with David Smorgon to deliver a distinctive and innovative values-based approach to managing the ‘family' side of family businesses."
As a former senior executive and director of Smorgon Consolidated Family Industries - one of Australia's largest and most successful family businesses until a family decision to sell the business assets in 1995 - David Smorgon understands the issues in a family business first hand.
"Family businesses come with their own specific set of opportunities and challenges and require a distinctive approach to help them prosper and realise their vision," Mr Smorgon said.
"Many families are very good at what they do in their business but they're not spending enough time on their ‘family' issues. A healthy family business needs a healthy family; owners need to assess the health of the family with the same depth and rigour as they assess the health of the business, looking at what's working and what isn't.
"This involves establishing the right structures and processes, with a strong emphasis on good governance. Only when these are in place, supported by regular and effective communication, training and education, will the family give itself the best chance of continuity and harmony.
"As someone who has been through the ups and downs of a thriving family business, I'm determined to help other families facing similar challenges. I have enormous passion and interest in sharing my experience."
David Smorgon has been working in and with family businesses for more than 40 years and is the founding Chairman of Family Business Australia, a role he held from 1997 to 2002.
"David's appointment as Executive Chairman of our Family, Business & Wealth practice further demonstrates PwC's commitment to supporting the family business sector. We're delighted to have David Smorgon on board with PwC," Mr Wills said.
