Family businesses are at the heart of Australia’s economy and communities. As National Family Business Day approaches on 19 September, we’re celebrating the families behind these businesses and the contribution they make every day.
From family-owned manufacturers and retailers to professional services firms, builders, transport operators and hospitality businesses, family businesses are part of almost every corner of the Australian economy.
At Matthews Steer, we’re proud to work closely with family businesses and see first-hand what makes them different — and why having the right family business support can make such a difference.
Family businesses are integral to Australia
The scale of Australia’s family business sector is significant.
According to the Family Business Association, 70% of Australian businesses are family-owned, 50% of Australia’s workforce is employed by family businesses, and family businesses generate an estimated $4.3 trillion in wealth.
These businesses range from small local enterprises to large, complex organisations operating across multiple generations. They create jobs, invest in their communities, build long-term relationships and contribute significantly to Australia’s economic activity.
But their importance goes beyond the numbers.
More than a business
There is often something distinctive about a family business.
You can feel it in the way customers are greeted by name, the pride taken in a product or service, and the commitment to building something that can continue into the future.
For many family businesses, the business represents more than an income or an asset. It can carry the family name, values, history and legacy.
That can be a powerful advantage — but it can also make business decisions more complex.
When family and business overlap, decisions about growth, ownership, leadership, investment and succession can affect both the organisation and the relationships within the family.
This is where the right family business support can be particularly valuable.
Why family business support matters
Every family business is different. There is no single formula for managing a family-owned business successfully.
However, families in business often face decisions that require both a commercial perspective and an understanding of the family’s longer-term goals.
Planning for succession
One of the most important considerations for a family business is what happens next.
Succession planning can help families prepare for changes in ownership and leadership, rather than leaving important decisions until a transition is imminent.
A well-considered succession plan can address questions such as:
- Who will lead the business in the future?
- Which family members want to be involved?
- How will ownership transition between generations?
- What does the next generation need to be ready to take on?
- How can the value and legacy of the business be protected?
Starting these conversations early gives families more time to consider their options and make informed decisions.
Supporting sustainable growth
Family businesses can have a strong long-term focus, but growth can bring new challenges.
Expansion, acquisitions, new markets, additional investment or changes to the business structure can all require careful financial and strategic planning.
Independent family business advice can provide another perspective, helping family members assess opportunities objectively while keeping the broader goals of the family and business in view.
Balancing family and business interests
Family businesses can involve multiple generations, shareholders and family members with different roles and expectations.
Good governance and clear decision-making processes can help separate family relationships from business responsibilities, while still respecting the values and relationships that make the business unique.
This might include establishing appropriate governance structures, clarifying roles and responsibilities, setting clear financial expectations and creating processes for making important decisions.
Protecting the legacy while preparing for the future
For many family business owners, building a successful business is only part of the goal. They also want to create something that can continue to support their family and future generations.
That means looking beyond the immediate financial position of the business and considering its longer-term sustainability.
Family business support is about more than solving today’s challenges. It’s about helping families make decisions that support the business, the family and the generations that follow.
Supporting family businesses beyond National Family Business Day
National Family Business Day provides an opportunity to recognise the contribution of family businesses, but supporting the sector should not be limited to one day a year.
As customers, businesses and members of the wider community, we can all play a part.
Choose to buy from family-owned businesses. Partner with family businesses for products and services. Leave a positive review when you’ve had a great experience. And look for opportunities to support initiatives that help family businesses grow and thrive.
For those running a family business, seeking the right professional support can also be an important investment in its future.
Helping family businesses build what’s next
At Matthews Steer, we understand that family businesses have their own unique combination of commercial goals, family dynamics, values and aspirations.
Our team works with family businesses to provide practical family business advice and support across accounting, tax, business advisory, wealth, governance and strategy.
Whether you’re growing the business, preparing for succession, considering a change in ownership or planning for the next generation, having the right advisers around you can help turn complex decisions into a clear path forward.
This National Family Business Day, we celebrate the families behind Australia’s family businesses — the people building businesses, creating jobs, supporting communities and creating legacies that can span generations.
To Australia’s family businesses: thank you for keeping our economy moving and our communities strong.
Happy National Family Business Day.
Planning for the future of your family business?
Whether you’re looking to grow your business, strengthen its foundations, navigate change or plan for the next generation, the right advice can help you make confident decisions for both your family and your business.
Contact us to speak with one of our family business advisors about how we can support your family business today and into the future.