Linfox boss finalising succession plan

Lindsay Fox, founder of the Linfox Group, is reportedly finalising plans for the direction of his $2.5 billion logistics, property and aviation empire once he relinquishes control.
According to The Weekend Australian, Fox has given shares in the Group’s logistics, property and airport assets to his three sons, Peter, Andrew and David, while his two daughters, Katrina and Lisa, have each received shares in the Fox Family Foundation.
Such a structure would make any stock market listing more of a challenge given broader agreement from family members would be needed, The Weekend Australian Damon Kitney notes, adding that the family as a whole has retained controlling interests in the three core operating businesses and distributions will continue to be made to the children from the profits to ensure none of the sons or daughters will be penalised in any division of the family’s assets.
The succession plan is reportedly yet to be formally signed off, a source told the newspaper that there were “some grey areas that need to be resolved’’ but added that it was unlikely that the plan would be a source of “future litigation or anger’’ between the Fox heirs. “The priorities of the children have been understood and are reflected in the estate planning,’’ the source said.
Another source told Kitney, “The plan recognises the leadership the sons have in the respective businesses, but there has to be a balancing out of the value, especially for Katrina and Lisa who are involved in the Fox Family Foundation.
“To simply divide it up would deliver inconsistent values. Logistics is worth billions. But Avalon is not going to emerge as a highly profitable, functioning airport for several years. And the foundation is a not-for-profit.”
It could be some time yet before the Fox siblings find themselves truly at the helm of the empire. Patriarch Lindsay Fox is set to turn 80 in April this year, but has previously vowed to retire only when he dies.

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