Peter McKnoulty has over 35 years’ experience as a tax and commercial lawyer with McCullough Robertson, a leading independent law firm in Australia, with 25 of those years as a partner. He specialises in taxation business structures and restructures, and tax and estate planning. For the past 20 years, his focus has been on assisting businesses in their business succession process – not just the tax and legal aspects, but adopting a broader focus on the practical aspects and “how to’s” of the business sale process.

Peter also has extensive experience on advising families on intergenerational transfers of business and wealth. Invariably, the “family issues” complicated the process. “I found myself in many cases being 90% counsellor and 10% lawyer”, he said. This triggered his interest in learning more about the emotional and psychological issues impacting on family succession arrangements.

During his career, Peter had noticed that many clients approaching retirement were not focusing on their succession/retirement strategy.  He could also see that they were not mentally prepared for personal life after business or full-time work. Many of them faced an identity crisis – they didn’t know who they were if they were not a business owner or successful executive all professional, and they feared a lack of purpose in their life after their business or career.  Because of these concerns, they were often hanging on to their business or career and often then didn’t leave well – with adverse personal and financial consequences. 

As a result, Peter decided to concentrate more on all aspects of business, career and family succession – not just the legal and tax issues.

“It was in my research on business and family succession websites, that I came across the Successful Transition Planning Institute of Boston USA. I was instantly attracted by their unique, all-encompassing approach to the business and personal transition processes.”

Peter travelled to Boston and completed STPI’s training program. Transition Planning Australia has developed STPI’s programs and materials for use in in Australia and New Zealand.