Celebrating National Family Business Day

Each September, National Family Business Day celebrates the significant contribution family businesses make to our economy and community.

Family businesses form the backbone of the Australian economy, accounting for 70% of all businesses and employing more than 50% of the nation’s workforce. Their enduring success is not only a point of pride but also a vital driver of economic growth and community stability.

At 360Private, the majority of our clients are family businesses, and we take pride in our long-standing relationships with them.

Many family businesses face unique challenges, from succession planning to balancing family dynamics with business demands. Currently, Australian private and family businesses are undergoing a once-in-a-lifetime intergenerational succession event as many owners retire, sell, or pass the baton to the next generation. Getting these transitions right is crucial, with 80% of Australian business owners indicating that protecting their business—an important family asset—is their top priority.

However, governance remains a challenge. While 86% of surveyed business owners say they have some form of governance policy in place, only half have a shareholders’ agreement, less than a third have a family constitution, and just 15% have a family employment policy—well below global averages. This lack of formal governance can significantly impact both the way businesses operate and how they are perceived. In fact, one in five Australian family businesses cite family disagreements as a major obstacle to building trust with stakeholders. Strong governance can play a crucial role in fostering trust, reducing risk, and unlocking new growth opportunities.

David Marsh, Director and Family Business Accredited Advisor, is deeply embedded in the family business sector. As a member of the Family Business Association of Australia, he brings valuable insights and expertise to help family businesses not only survive but thrive, ensuring their prosperity across generations.

If you’re a family business owner looking to safeguard your legacy and ensure long-term success, now is the time to focus on governance and succession planning. Contact 360Private today to discuss how our expertise can help you navigate these challenges and secure your business for future generations.