Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Succession is not something 82-year-old Rich Lister Max Beck ever gave much thought to. But there is one belief the retired property developer has always held; “siblings in business rarely work”.
This, he suggests, should be the headline for this article, when he agrees to an interview with The Australian Financial Review Magazine . The great wealth transfer under way in Australia is putting succession planning in the spotlight. In the past year, five members of the Rich List have died.
And in recent years, the control of business empires – including Rupert Murdoch’s News Corp and Alan Wilson’s Reece Group – has passed as a new generation of Australians stand to inherit hundreds of billions of dollars from their elderly parents and take ownership of some of the country’s largest private businesses. Of the 200 richest Australians according to the Financial Review Rich List , 45 are over 80 and control a collective $136.1 billion.
(Another 57 Rich Listers are aged over 70.) That $136 billion stands to be inherited by the 150 children of the silent generation Rich Listers. Sam Beck and his father, Max Beck.
Sam runs his own business, Beck Property, and wanted to be a builder as a child. “I didn’t want to be like Dad, but I liked what Dad did.” Josh Robenstone Beck, who is No.
141 on the Rich List, has.
