b'KENNARDS HIRE Since 1948TAKING HIRE HIGHER | 98SEPARATE BUSINESSES, NEW FAMILY LINESThe split of the enterprise in 1991 signified relationships and develop knowledge, than to simply a new era: the next generation was coming alongtransfer money from one generation to the next.with different skills and ambitions. As Andys four children came of an age where they might want toThe charter is a living document that seeks to bring make their own marks on the business, there wereunity to the family by encouraging openness and simply too many Kennards to run the company ascommunication between members. It lays out protocols had been done to date. Nothing concrete had beenfor conflict resolution and decision-making, and is an established for upcoming generations, and Andy andessential tool for preserving the legacy of the Kennard Nev realised they would each have to begin thinkingfamily. It is a reminder to all family members of the about succession planning.importance of loyalty and commitment to the familys long-term success.The old adage shirtsleeves to shirtsleeves in three generations describes the trend of family wealth gainedThe Kennard family believes it is not:in one generation being squandered by the third. That is, the first generation builds the business up, theabout us, but future generations second grows and prospers it, and then that prosperitywe are custodiansis lost in the next generation, who have typicallyabout short-term profits and wealthenjoyed enormous comfort and privilege. Andy Kennardconsumption, but long-term, steady growthwas determined that wouldnt be true for his family. only about holding positions in the business its about passing the baton to theIn 2004, Andy and his kin became members of FBA,next generation.which has been instrumental in developing succession arrangements for future generations. Andy partiallyThe long-term vision for the Kennard family wascredits the FBA for Kennards Hire remaining familyto remain a strong, cohesive family-in-business even owned. With FBAs guidance, the Kennards developed aas its members pursued their own independent lives family charter, values and vision statements, establishedand occupations. Their goal was to keep the family the Kennard Family Board and Kennard Family Forum,business alive and to engage each other in it, in and created a Deed of Family Arrangement. They alsowhatever capacities they could offer. The three pillars set up a formal family office in July 2016, with staff operations, customer service, and people and culture to manage the familys private business and provide had been carefully crafted to ensure the successful certainty for all members of the current and futurefuture of the business. This plan was unanimously generations. This is managed and overseen by Darrinaccepted by the whole family and was enshrined inPayne and assisted by Rebecca Lowery. the very fabric of the company.The charter provided a vision, values and philosophiesThe Kennards Hire business was now firmly on track, for current and upcoming members of the family. Itsdriven not just by the vision of the family, but by an primary objective was to ensure the continuation of theoverarching mission and purpose, a clear and unified family business, offering guidance on how to pass downdirection that would guarantee the success of the assets and wealth to future generations. At its heart wascompany for generations to come.the idea of human, intellectual and financial capital. The Kennards believed that it was more important to build'