The complexities of modern families are making it even harder for business owners to plan for the future. With around 70 percent of Australia’s 2.1 million businesses classified as “family owned”, future-proofing the family business sector is critical to the Australian economy. The statistics for successful family business transition are not great, with only 13…
When it comes to employee retention, family businesses lead the way. According to the Harvard Business Review, the average turnover at a non-family firm is 11% per year. Family firms, however, churn only 9% of their workforce.
Who knew that a simple act of mother’s love could turn into a multi-million dollar business? Sue Ismiel, CEO of Australian hair removal company Nad’s, probably didn’t expect this when she was concocting hair removal gels for her daughter in the kitchen. Today, Nad’s has plans to list the business on the Australian Stock Exchange…
If you have a sweet tooth, particularly for biscuits, then it’s very like that this name rings a bell somewhere deep in your taste buds: Kez’s Kitchen. Started by the Australian Carp family in their own humble family kitchen in Melbourne, this biscuit brand has grown steadily since day one. It is now one of…
In this podcast, RMIT professor Kosmas Smyrnios discusses the changing face of the Australian family business. He observes the difficulties business owners are facing and the reasons why younger generations are less inclined to inherit their parents’ firms.
You can choose your friends and business colleagues, but you can’t choose your family. However, many people choose to start or continue running businesses with family members.
Of course, the common stresses of family and business are usually multiplied in a family business, so it’s important to establish the ground rules early on.
Here are 20 tips to keep your family business on track.
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