Australian Family Business information at a glance
67% of Australian companies are family businesses.
(KPMG 2008 Family Business Survey.)
90% of Australian family businesses employ less than 200 people and are thus categorized as “small”.
(“Internationalization of Australian Family Businesses: A Managerial Capabilities Perspective,” Jill Thomas, Family Business Review, September 2006.)
About one-third of Australian family firms are expected to change CEOs over the next few years, and while 53% are sure that the successor will be a family member, 83% do not have a succession plan.
In 60% of Australian family-owned companies, the owning families are directly involved.
The 1997 survey indicates that accountants, not lawyers, were the primary source of succession planning advice for family businesses of all generations. However, the 2003 survey indicates that 29% of first generation family businesses use accountants for succession planning and 29% use lawyers. Over the generations, accountants are being used less and lawyers more. (Kosmas Smyrnios, Australian Family and Private Business Survey, 2003)