Family businesses are the largest sector of the Australian economy and employ over half of Australia's workforce. Over two thirds of the two million businesses in Australia are family owned with an estimated wealth of approximately $4.3 trillion.
The median age of family business owners is 58 and almost 80% of these owners plan to retire in the next 10 years. Half of family business owners plan to sell their businesses but less than a third of family business owners have documented succession plans.
Family businesses are unique in that they are required to balance the issues of family, ownership and business and they enjoy distinct potential competitive advantages over their non-family counterparts. These include:
- more agility and flexibility
- higher ownership concentration
- the ability to strategically focus on niche markets.
Some of the many challenges family businesses face include:
- balancing the demands of work and family life
- the interaction and separation of family and emotional issues versus business issues
- the balancing of assumptions and expectations of family members within the business
- developing professional management and control systems
- planning for the succession of the business
- the education and motivation of the next generation moving into the family business.
We understand the unique challenges and opportunities facing family businesses and can provide your family business with assistance in a broad range of practice areas including corporate and commercial, commercial property, litigation and private client services.
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