Every September, Australia celebrates National Family Business Day – a day designed to recognise the invaluable contribution household companies make to the Australian economic system, group, and tradition.
National Family enterprise Day has been a spotlight on the calendar for 9 years.
This coming Friday, 17 September, household companies all through Australia and New Zealand will convey all generations along with different members of the family and colleagues (each on-line and within the office relying on native COVID-19 restrictions) to acknowledge the yr that has previous and have fun the way forward for their household enterprise.
Family companies are small, medium and huge companies which can be owned and operated by members of the family akin to brothers and sisters, a husband and spouse or father and daughter and might be the primary era or have taken it over from generations earlier than. Family Businesses account for about 70 per cent of all companies in Australia, throughout all industries. They are the spine of the Australian economic system using roughly 50 per cent of the Australian workforce.
Many of Australia’s largest and most beloved corporations are household companies together with Brown Brothers, Coopers Brewery, Akubra Hats, Haighs Chocolates, Bundaberg Brewed Drinks, Kennards Hire & Self Storage, Paspaley and A.H Beard.
All household companies, regardless of how small or giant they’re, have one collective factor in frequent. They all have a household enterprise story to inform. Whether they’re a multi-generation enterprise, a dynamic husband and spouse duo or siblings, every of their companies are interwoven with their household values and ethos. Family companies aren’t simply in enterprise for income they’re there to construct a legacy.
Succession planning is about one key factor, “keeping it in the family”. Many household enterprise homeowners hope to go on their enterprise to the following era. Family enterprise succession maintains the sturdy connection between the 2 most essential issues in a household enterprise proprietor’s life; their enterprise and their household. Succession can be the right approach to cap off the enterprise proprietor’s private work trip. Succession includes a spread of enterprise selections with the overlay of complicated household dynamics and particular person relationships. This can create challenges. Succession planning matters as a result of it helps guarantee efficient preparation and communication, that are crucial to stopping or overcoming these challenges.
It is nice to see household companies dedicated to their subsequent era taking on and persevering with to construct a legacy for his or her enterprise while contributing to the better Australian tradition. Family Businesses contribute to the Australia economic system like no different enterprise sector, and it’s nice to have the ability to have fun them this National Family Business Day.
The Family Business Survey 2021 finds transition prepared household companies, with sturdy governance in place, have been extra resilient throughout COVID-19 and are additionally extra doubtless see a rise in income within the subsequent 12 months. With the survey discovering 70 per cent of household companies are virtually transition prepared or are transition prepared, indicating the sector is robust and the long run appears to be like good.
Family Business Australia stay dedicated to persevering with their work by supporting household enterprise each in Australian and New Zealand, to make sure they’re transition prepared and profitable throughout a number of generations.
So, this Family Business Day we’re asking Australians and New Zealanders to acknowledge the contribution household companies make to our nationwide economic system and to our native communities. This yr greater than ever you will need to get you and your loved ones to throw their help behind the Australian and New Zealand owned household companies which can be supporting us. Look out for the “A family owned Australian/New Zealand business” emblem on merchandise, signage and web sites.
Go to https://www.wearefamilyowned.org.au to take a look at a listing of household companies in your state you could help.