The big four firm has partnered with businessman David Smorgon and his consultancy firm, Pointmade, to mentor family business clients on succession and wealth issues.
Mr Smorgan is a former senior executive and director of Smorgon Consolidated Industries and served as the inaugural chairman of Family Business Australia from 1997 until 2002.
David Wills, PwC's national managing partner, private clients, told AccountantsDaily that the strategic partnership will help the firm guide family businesses through what he says will be “the biggest intergenerational wealth transfer in history”.
“Over the next 10 years many baby boomer business owners are planning to retire and while not all of these have the option to pass the business to the next generation, every owner should work towards an exit plan that protects their wealth, legacy and family harmony,” he said.
Family businesses are distinct from listed companies and therefore require a unique approach, according to Mr Wills.
“David Smorgon brings expertise from the frontline and together with PwC's private clients team will give our clients deeper insights into the intricacies of family businesses and help them achieve their goals,”he said.
Mr Smorgon said he is determined to use his understanding of the issues faced by family businesses to assist others.
"I understand the issues in a family business first hand and as someone who has been there, done that, I'm determined to assist others facing similar challenges," he said.
“I'm delighted to join forces with PwC to assist families to give them the best chance of overcoming the difficulties and sensitivities of succession and transitioning of wealth," Mr Smorgon added.
While PwC has no immediate plans to enter into other strategic partnerships, Mr Wills said the firm is always looking for unique opportunities to further enhance the experience and opportunities for clients.
“We look for opportunities that are on strategy, complement our existing service and are a good cultural fit for our team and clients,” Mr Wills said.