Family Business Rule Book
24 May 2017
In Australia, Family Businesses of all sizes and type dominate the private sector. According to recent research, as many as 85% of Australian businesses are family owned. Worldwide, some of the most successful and professional companies are family owned and run – many of them household names.
Commitment, culture, and pride in the business are typically the inherent strengths of a family business. Together they can produce a significant competitive edge. However, if owners and managers fail to reconcile both the short and long-term needs of the business with those of the family, this can undermine the survival of the business itself.
Rapid social, technological and economic changes are forcing all businesses to review their operations. This can present particular challenges for the owners and managers of family businesses. Every family business is unique, shaped by its own set of distinctive personalities, objectives and relationships. There are, however, challenges that are common to all family businesses.
- Management of change
- Employing family members
- Transferring the business to the next generation.
The Family Business Rulebook expands on these issues and provides some practical guidelines to help increase the success of the family business.
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This booklet was written as a general guide and is not a substitute for professional advice. You are recommended to obtain specific professional advice before you take any action.