Ways to Wealth EP67: What Happens When Businesses Fail, with Keaton Pronk

In this episode of the Ways to Wealth Podcast, Charlie is joined by Keaton Pronk!Keaton is a partner at McDonald Vague, one of New Zealand’s leading insolvency firms. With over 15 years of experience, including time as an official assignee managing bankruptcies.Keaton brings a grounded, inside view of what really happens when businesses go under, and how they can sometimes be turned around.This conversation dives into the current state of the economy through the lens of insolvency, including how $8 billion in collectible tax debt is creating ripple effects for business owners. Keaton unpacks the sharp increase in IRD pressure, the rising complexity of insolvency cases, and the painful reality of poorly planned exits.They also explore the “Baby Boomer business problem”—the wave of owners nearing retirement without proper succession plans—and how this leads to unnecessary closures rather than successful sales. Keaton shares actionable advice on company structure, shareholder agreements, and how to prepare your business for longevity or exit.The episode also offers a behind-the-scenes look at the career of an insolvency practitioner, highlighting the importance of empathy, communication skills, and emotional intelligence—not just spreadsheets—when helping people through financial distress.Check out McDonald Vague here: www.mvp.co.nzWatch all episodes of the Ways to Wealth Podcast here: www.eccuity.com/podcasts#WaysToWealth #Insolvency #BusinessTurnaround #SuccessionPlanning #NZBusiness #McDonaldVague #WealthPreservation #TaxDebt #BusinessExitStrategy #BabyBoomerBusinessCrisis #StartUps