One of the greatest challenges facing any family business is managing intergenerational transfer and ensuring the continuity of both the business and the family legacy. Without a clear plan, transitions between generations can create uncertainty, conflict, and even risk the long-term success of the business. With the right strategy, however, succession becomes an opportunity to secure wealth, strengthen governance, and set the stage for future growth.
National Family Business Day, on 19 September, is dedicated to celebrating the vital role family-owned businesses play in our economy and communities. Representing 70% of all Australian businesses and employing half of the workforce, family businesses are the backbone of our economy. They not only generate an estimated $4.3 trillion in wealth but also contribute over $1 billion annually to local communities through philanthropy, sponsorship, and support.
Why intergenerational transfer matters for a family business
Without the right planning, succession can create conflict, tax complications, and even risk the survival of the business itself. In fact, many family businesses do not make it beyond the second or third generation. This is due to poor planning or a lack of clarity around leadership transition.
But with the right approach, intergenerational transfer becomes an opportunity. It’s a chance to strengthen governance, secure wealth, protect family harmony, and build a clear vision for the future. Done well, succession planning ensures that the next generation inherits not only a successful business but also the values and purpose that have driven it.
Key considerations for your business strategy
Open communication and alignment
The most successful family businesses are those that encourage open dialogue. Regular family meetings, setting shared goals, and documenting values help ensure alignment between business objectives and family expectations.
Succession planning
Leadership transitions should be structured well in advance. Identifying and developing future leaders early allows for a smoother handover and ensures the incoming generation is ready to step into their roles.
Advisory board meetings
Establishing an advisory board can provide you with independent oversight and valuable external perspectives. Regular advisory board meetings create a structured forum for discussing strategy, guiding leadership transitions, and keeping the business accountable to its long-term goals. By involving trusted advisors alongside family members, you can balance emotion with objectivity. Allowing for stronger governance and making more confident decisions about the future.
Tax and wealth structuring
Effective intergenerational transfer goes beyond who will run the business. It also involves structuring assets and ownership in a way that minimises tax and maximises value. Strategic accounting and wealth planning are essential to safeguard both the business and family wealth.
Balancing business and family needs
A successful family business strategy respects both professional and personal relationships. Clear boundaries, fair decision-making, and documented plans help avoid misunderstandings and maintain harmony across generations.
Support available for family businesses
At Matthews Steer, we’ve spent over three decades working with family businesses across Melbourne, Geelong, Ballarat, and Bendigo. We understand the unique challenges and opportunities that come with running a family-owned business, particularly when it comes to succession and intergenerational transfer.
Adrian Misiano, Partner at Matthews Steer, has been a trusted advisor to family businesses across Melbourne, Geelong, Ballarat and Bendigo for many years. Working alongside our team, he helps guide leadership transitions, facilitate regular advisory board meetings, manage wealth transfer, and develop strategies that support both the business and the family behind it.
The Family Business Association (FBA) also provides valuable resources, events and networks to help family businesses plan succession and strengthen their legacy.
Secure your family business legacy with Matthews Steer
National Family Business Day is a timely reminder to plan for the future. Whether you’re considering leadership succession, planning your retirement, or looking to align business and family goals, now is the time to act.
At Matthews Steer, we’re here to support your business with the experience, insight, and care needed to ensure your legacy endures.
Take the next step in your intergenerational transfer planning. Call us on 03 9325 6300 or get in touch online to book an appointment with Adrian.
Published September 2025