By Theo Vorster – Co-founder and CEO of Galileo Capital

Over the past three years, I have facilitated more than 20 family farming workshops across the country, organized by Landbouweekblad and sponsored by Allan Gray. Hosted by Galileo Capital, these workshops attracted approximately 2,500 delegates, primarily family members involved in commercial family farms.

Reflecting on these experiences, I have observed striking parallels between the challenges faced by farmers transitioning their businesses to the next generation and wealth managers planning for the future of their practices. Both scenarios involve a founder—let’s call them John Wayne—who has built a significant enterprise and must now navigate the complexities of succession to ensure lasting success.

The John Wayne Archetype
John Wayne, whether a farmer or a wealth manager, is a remarkable figure. Through vision, grit, and determination, they have created substantial assets and profoundly impacted those around them. Their contributions deserve respect and recognition. However, time spares no one, not even John Wayne. To leave a lasting legacy for their family, clients, and community, deliberate succession planning is essential. Drawing from my work with family farms and my expertise in financial services, I have identified key principles that John Wayne must consider to ensure a smooth transition:

1. Time Is Not on Your Side
   The most common mistake is assuming there is ample time to plan. John Wayne often delays succession decisions until a crisis strikes or it’s too late to shape the process effectively. Proactive planning ensures the business benefits the family or, in the case of wealth managers, continues to serve clients’ long-term needs. In 10- or 20-years John Wayne will be much older, but the clients and their offspring will still rely on the effort the wealth manager put in place – John Wayne will most likely not be around in 2040 or 2050, but some of the clients and all of their children might still need assistance!
2. Redefining Your Role
   A significant hurdle for John Wayne is the question of identity: “What will my role be after handing over control?” With thoughtful planning, John can retain the aspects of the business they enjoy—whether it’s strategic oversight or client relationships—without bearing the burden of day-to-day operations. This balance allows them to step back while staying engaged in a meaningful way.
3. Developing a Successor
   A frequent excuse is, “No one can do the job as well as I can.” While John Wayne’s expertise is unmatched, this mindset risks the business’s future if no successor is groomed. Investing in the next generation ensures continuity and preserves the legacy for decades to come – it that not what every wealth manager wants for their clients and the families of their clients!

Building a Lasting Legacy
The starting point for effective succession planning is envisioning the desired legacy. For farmers, this might mean a thriving family business that supports future generations. For wealth managers, it’s the assurance that clients and their families will receive professional guidance long after they step away. By planning early, redefining their role, and developing capable successors, John Wayne can secure a legacy that endures for 5, 10, or even 20, 30 and 50 years.

Succession is not about stepping away—it’s about stepping forward into a new chapter. For both farmers and wealth managers, the principles of foresight, adaptability, and mentorship are the foundation of a legacy that transcends generations not only for you, but more importantly for the wealth managers clients!

How can Galileo help?

Galileo Financial Planning, led by Kevin Feather, aims to build a partnership of financial planners that fosters entrepreneurship and ensures clients continue to receive the highest standards of advice and service. We support financial planners in designing and executing effective succession strategies. For more information, click here.

Galileo Advice assists family business owners to draft a family constitution that governs how the business and wealth of the family will be managed as the founder steps back. To contact Theo, email ask@galileocapital.co.za