A Meeting of Two Advisors – Part 1 [Dale Scally]

This week we sat down with friend and former Financial Advisor, Dale Scally.

Dale has been a finance professional for 23 years and a business owner and director for 11. Dale has recently transitioned out of financial advising and evolved his career into business coaching with the objective to raise the financial IQ of the Australian and global population.

We sat down as contemporaries and finance professionals to discuss all things to do with financial advice and financial planning. We talked in relation to our personal hardships, experiences within the profession and the special report published by Stephan Independent Advisory which you can find here called:

Your Financial Road Map: A step by step plan to help you manage your wealth for the next generation.

When talking about family business, and maintaining and preserving the legacy of that business, there are key issues keeping owners awake at night. The two main issues are succession planning and business continuity.

Succession Planning

The same questions continually come up when it comes to succession planning in a family business; Who will take over, and do they have the capability to successfully continue the business, will they uphold the family legacy?

These questions weigh heavily on the minds of family business owners as they grapple with the emotional and logistical complexities of transitioning out of the business.
A family business is an extension of core values and beliefs and an intrinsic part of the owner’s self-worth and identity. Because of this, it makes a complex situation a little more sensitive.

Business Continuity

After succession planning, the next item on business owners minds is business continuity.
Business continuity is crucial to preserving legacy and is built around trust and respect. The owner needs to trust that the chosen successor will maintain the values and work-ethic of the business in order for them to properly relinquish control.

Dale explained in our conversation that his “succession event involved transitioning clients into capable hands.”

He advises that like any delicate family situation, careful planning, communication, and mutual respect are key if it’s to be a smooth transition.


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