Does family business equal small business?
Not at all.
Did you know that some of Australia’s longest surviving and biggest businesses are family owned? It’s a common misconception that when people think ‘family business’, they automatically think ‘small business’. No doubt, you have heard of the Packer’s, the Murdoch’s and the Myer’s. These are all well-known Australian family owned businesses.
In Australia, family businesses make up 70% of all Australian businesses, employing 50% of the workforce.
So, does a ‘family owned business’ really mean ‘small business’? No way!
They face their own unique set of challenges each and every day. If you are involved in a family business, you need to consider succession planning, estate planning and asset protection options.