Australian Family Business information at a glance - Succession Plus

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Australian Family Business information at a glance

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Australian Family Business information at a glance

By , October 22, 2010

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)

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.