In this episode of Future Fit Leadership, I sit down with Kirsten Taylor Martin from Grant Thornton to unpack one of the biggest leadership and economic shifts facing Australian business today.

Over the next 20 years, more than $3.5 trillion is expected to transition from one generation to the next in family businesses. But as Kirsten explains, succession is not just a financial process. It’s emotional, deeply personal, and far more complex than many families expect.

We discuss why succession planning has become the number one challenge facing family businesses, the growing tension between incumbent leaders and the rising generation, and why many experienced successors are still waiting well into their 40s, 50s, and beyond to take over leadership.

Kirsten shares insights from Grant Thornton’s 2025 Family Business Survey, including the clash in priorities between generations. While founders are focused on business performance, economic pressure, and protecting what they’ve built, the next generation is increasingly focused on family relationships, communication, and creating a future that works for everyone involved.

We also explore why retirement feels so confronting for many founders, the emotional weight of stepping away from a business that has shaped their identity, and the risks that emerge when families avoid difficult conversations for too long.

This is a practical and human conversation about leadership transition, legacy, governance, and the future of family business in Australia.

If you lead a family business, work in one, or expect to inherit one someday, this conversation will give you a clearer understanding of what’s at stake, and why starting early matters more than ever.