Kennard says the success of a family business ultimately comes down to the strength of the family unit.
“A lot of family businesses which have failed have done so because the family has failed,” he says.
“Each year we have a family retreat which involves a bit of work and a bit of play, but it really works on the bond of the family. This is particularly important given the next generation of owners will be cousins working with cousins and this will be more of a challenge.”
While Kennard grew up working in the business, all the siblings were encouraged to make their own career choices.
“I wasn’t totally sure if I would get into the business. I knew I liked and had an interest in equipment, but I guess the thing which drew me in was I had the opportunity to come in and work under someone in the business that had been there for a very long time,” he says.
“After school we were encouraged to do our own thing. My sister is on the board of Kennards and my other brother Cam runs the Kennards property business, but my other brother Rory owns his own business.”
Succession planning is fundamental to the long-term success of a small business, but KPMG’s report found 40% of chief executives had no retirement plan and a third of businesses intending to enact succession in the next five years had no plan for how ownership would be transferred.
At Kennards Hire, the siblings are already preparing to lead the company.
“Now we have next generation meetings where myself and my three siblings get together and look at what’s happening in the business,” Kennard says.
“We’re looking to step up as a group, so we discuss any problems we may be having. We are the next generation so at a point in time we’ll be totally responsible and rather than having that as a big shock, we’re preparing now.”
