Profile of Family Business in Australia - Succession Plus

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Profile of Family Business in Australia

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Profile of Family Business in Australia

By , September 4, 2010

58 % are first generation, 31 % are second generation and 11 % are third to fifth generation.

47 % are tertiary qualified, 91 % are married and 11 % are female

27 % are wholesale / retail, 24 % are in manufacturing, 11% are construction and 4 % are technology based.

The average age of family business owners is 55 years and …

61 % would seriously consider selling if approached 31 % do not have an adequately funded retirement program.

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.