Succession, Badly Done: Lessons from Australia’s Wealthiest Families

Family businesses are the backbone of Australia’s economy, yet history has shown us time and again that when succession is left to chance, fortunes fracture and legacies unravel. Behind the glossy headlines of wealth and influence lie stories of families torn apart, court battles stretching over years, and empires dismantled.

Here are three stories, fictionalised but inspired by real events, that highlight what happens when succession is mishandled.

House One: The Iron Fortress

On the red earth of the Pilbara, a dynasty rose from iron ore dust. Its matriarch, the richest in the land, built walls of contracts and trusts to guard the fortune. But inside, the heirs fought for keys they believed were theirs by birthright.

Courtrooms became battlegrounds, with siblings accusing, alliances shifting, and legal privilege contested over thousands of pages. Allegations of betrayal and secret schemes echoed through the marble halls of justice.

The mines kept producing, but the family’s unity was stripped bare like the ore they once celebrated.

(Inspired by the Rinehart family’s protracted legal disputes over Hancock Prospecting and family trusts.)

House Two: The Media Empire

From Sydney to New York, a patriarch’s voice shaped nations. But as age crept in, whispers of “Who next?” grew louder. One son stood at the helm, while siblings plotted in shadows of boardrooms and probate courts.

A secret plan, Project Harmony, sought to crown the chosen heir, only to be struck down as a “charade” by a Nevada judge. Billion-dollar stakes, political influence, and family pride collided in a saga that could have been scripted for television, except this was real, and the ending has just been written - at a cost of over $4 billion.

(Inspired by Rupert Murdoch’s ongoing trust and control battles over News Corp and Fox.)

House Three: The House of Many Rooms

Once Australia’s largest private company, this house was built by seven families and four generations. It spanned industries - meat, steel, glass - and seemed unshakable.

But cracks formed where no one looked: family time. Meetings focused on profits, not people. Resentments piled up like unclaimed suitcases in a dusty attic. When the break came, it was swift and final, the empire dismantled, assets sold, and a name that once commanded boardrooms reduced to a cautionary tale.

(Inspired by the Smorgon family’s breakup of Smorgon Consolidated Industries in 1995.)

Australia has no shortage of family business success stories, but the headlines are often dominated by the failures. By learning from the cautionary tales of the past, advisers can guide today’s founders and families toward smoother transitions, protecting not just wealth, but relationships and legacies.

Because in succession, as in life, the ending depends on the story you choose to write.