in Small Business

Issue No. 31 - October/November 2006

Families in Business - making them work

10am Monday October 23

Part of the Small Business Development Conference, Adelaide Convention Centre

This panel discussion between panel members Steven Marshall, Tim Sarah and Stephan Knoll, moderated by Prof Jill Thomas of the University of Adelaide, promises to be a lively analysis.

Tim says key characteristics of a successful family business are passion and drive for success, with clear separation between family and business.

"Family businesses have the advantage of having a longer planning horizon, so that short-term profitability need not be more important than prosperity over a 20-year period," he says.

Jill says successful family businesses recognise the trade-off required between the needs of family and business. Common denominators of successful family firms include ability to:

Build on the strengths of being a family business - spontaneity, flexibility, passion for the business, and 'family culture' among the employee group;

Professionalise the business...

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