Family business owners in Australia are the unsung champions of our economy and make up over 70% of all businesses in Australia.
There are thousands of family members operating successful businesses every day employing vast numbers of Australians. They do not seek publicity or media attention and are considered by many to be the best kept secret in business success.
Generally families put their personal assets on the line and don't look for Government handouts all the time. They work hard, always see a positive way forward, they have genuine core values and a passion to create and build wealth for future generations.
However, families in business face unique challenges in 2018 due to the fact that many are owned by Baby Boomers who are now in their sixties and beyond. They are looking for a way to exit their company or hand over to the next generation for a safe retirement.
For many that requires a succession plan or an exit strategy. Family companies are also known for being driven by emotion and for having difficulty with issues and conflicts around handing over control to the next generation. There is often a gap in any effective communication on the issue internally.
Recent research by PWC and highlighted by David Smorgon proves that inter-generation conversations in family business are few and far between.