Family Business

Issue No. 30 - August/September 2006

One in four family firms unprepared to face succession

by Penelope Herbert

My impression is that SA resembles Victoria in that it has a relatively high proportion of family businesses in the third generation and beyond, compared to other states.

While traditional professional advisers seem more willing to work collaboratively with these families over the long term than do their eastern brethren, there remains a worryingly limited amount of modern family business advisory skill in evidence — especially amongst lawyers and accountants.

In this SA is not unique. The scenario is repeated around the country, although at least the Institute of Chartered Accountants has begun running programs to educate its members into the unique needs and challenges of family business.

Succession planning is probably the greatest challenge facing the retiring baby boomer generation. A colossal transfer of wealth and business control has already begun, and the pace will increase over the next 10 years.

But in SA (as across the rest of Australia), ...

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