in Small Business

Issue No. 25 - October/November 2005

Get out of the danger zone

Family Business Association SA Chapter president, Steven Marshall will present to Small Business Week on how to diminish risk in your family business.

"The family business sector in Australia is highly significant. The 1997 Australian Family Business Survey found that family businesses employ around 3 million people — more than 50% of the private sector workforce,” Steven says.

“The overall wealth of Australian family business was approximately $3.6 trillion in 2002 (Spoehr, 2005).”

Mass and wealth notwithstanding, Steven says the family business sector now finds itself in an increasingly complex and vulnerable position, for several reasons.

• The average age of family business owners is 56 and increasing.
• Approximately 50% of all family business owners plan to sell in the coming 10 years.
• Family business succession has historically been poor with a disappointing percentage making it through to the second generati...

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