Advertising feature
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
There's a good chance, when you next pop into a café for lunch, or browse a store for that décor item you need, the people running the business will be a family.
Up to 70 per cent of Australian small businesses are operated by families, some on their own, but many also employing staff.
These businesses turn over $12 million per annum and employ an average of 37 people.
Of this 64 per cent of family businesses have less than 20 employees, 32 per cent have 20 to 199 while four per cent have 200 or more.
While working with family can be an excellent experience there are also some drawbacks.
This feature is supported by:
The top five issues for families in business include:
- Communication between family members
- Letting go of leadership/ownership control
- Providing liquidity for family owners to exit
- Securing adequate capital for growth and retirement
- Choosing a suitable ownership structure for next generation
If a family business can deal with and overcome these issue they are highly likely to stand the test of time.
Currently 84 per cent of family owned business are less than 50 years old while 49 per cent are less than 25 years.
The family business - whether it's generations old or just starting up - is fuelled by the passions of those who run it.
Learn about some family owned businesses located here in Wagga on pages 37, 38 and 39.
Related:
