Did you know that 80% of privately owned businesses in Australia are family run businesses and account for employing half of the workforce in this country?
There are obvious benefits of being involved in a family business, including the sense of security, trust, independence and that you are generating wealth for the benefit of the family itself. It’s also likely that workers are confident to share their ideas with management and the focus tends to be on achieving long term goals and objectives for the business and also for the family itself.
However, the structure and culture of family businesses can also present many challenges to the business, particularly if a dispute arises. If can also be difficult for owners to maintain an effective work life balance and ensure that the needs of the business are met, as well as the needs of the family.
Many family businesses also fail to plan for changes to the ownership structure of the business, which can be brought about through sudden death, illness or change of relationship between the family members involved in the business. Like any business, it is equally as important for a family business to follow proper procedures to assist to manage situations where conflict or change occurs.
We can assist you to ensure you have an appropriate agreement and documentation in place to ensure that when changes occur, the business is in a position to manage the situation effectively and continue to operate in a productive way. A Business Health Check may be an important place to start.Back