Every generation brings a different perspective to a family business. Those who built it understand the decisions, sacrifices and relationships behind its success. Those preparing to lead it may see opportunities to invest, introduce new ideas or take the business in a different direction.
Finding a way forward starts with understanding what the family wants to preserve and where the business needs to evolve. That means looking closely at its values, its ways of working and the expectations people bring to the conversation.
These questions provided a useful thread through the Family Business Insights VIC/TAS Conference in Melbourne on 7 October 2026, attended by Matthews Steer Partner Adrian Misiano. A longstanding member of the Family Business Association (FBA), Adrian works closely with the association and family businesses.
The experiences shared by speakers offer practical examples of how families can approach change while staying connected to what matters.
Separate enduring values from familiar habits
When a business has operated successfully for many years, its values and its routines can become closely linked. An established process may feel like part of the business’s identity, even when another approach could serve it better.
A useful starting point is to ask what the family is trying to protect. Is it product quality, personal service, strong employee relationships or a commitment to the local community? Once that is clear, it becomes easier to assess whether existing practices still support those priorities.
At the conference, Courtney Sims, Group Marketing Manager at OG Group, discussed keeping an established brand relevant while respecting its history, using Griffiths Bros. Coffee Roasters as an example.
For family businesses, this raises a broader question: which qualities define the business, and how can those qualities be carried forward as customers, markets and expectations change?
Give new ideas a clear purpose
A proposed change is easier to discuss when everyone understands the problem it is intended to solve and how its success will be assessed.
Tia Spanos Tsonis of Vanilla Lounge shared an example at the conference. The business introduced QR code ordering, then reconsidered it when it reduced the personal interaction central to its approach to hospitality.
The lesson for other family businesses is to test new ideas against their own priorities. A process that works elsewhere may need adapting or may not be the right fit.
Before making a change, families can ask:
- What are we trying to improve?
- How will this affect customers and employees?
- Does it support the values we want the business to be known for?
- What would tell us that we need to adjust our approach?
These questions give different generations something concrete to discuss beyond whether they support or oppose change.
Build understanding as responsibility shifts
Experience can help future leaders understand why a business operates as it does, while giving them a stronger foundation for proposing improvements.
Frank and Brent Hutchinson of Don Kyatt Group spoke about Brent working across different areas of the business before moving into leadership. Their discussion also explored the changing relationship between father and son as responsibility shifts.
For families preparing their next generation, it is worth discussing how experience and decision-making authority will develop together. What does the future leader need to learn?
Which decisions can they take responsibility for now? Where will guidance still be useful?
Clear expectations can give the next generation room to contribute while recognising the experience of those who came before them.
Make space for the conversation early
Adrian explored related tensions in his recent conversation with the Institute of Public Accountants: younger family members may want to invest and evolve the business, while the generation that built it may be more focused on protecting what they have created.
Understanding those perspectives takes time. Asking what someone hopes to achieve, or what they are concerned about losing, can reveal the reasons behind a position that initially feels difficult to reconcile.
An external advisor can help families explore those differences, clarify priorities and work towards an agreed direction. Starting these discussions before a major decision or leadership transition gives people time to be heard and consider their options.
Family businesses do not need to settle every question at once. A useful first step is to ask each generation what they most want to carry forward—and what they believe needs to change.
Read more about Adrian’s conversation with the Institute of Public Accountants.
If you’d like to discuss family business advisory in more detail with Adrian please reach out at apmisiano@matsteer.com.au or 03 9325 6300.