Family Businesses account for 70% of all businesses in Australia, and they come with their own unique issues.
Having a family business can have certain advantages such as work flexibility, but they can also create issues because of the personalities and emotional underlying ties that family members share, which can mean the business does not function as smoothly.
PJT brings a wealth of experience having been involved with and personally managed many family businesses, turning them from good to great multi-generational family enterprises.
PJT can ensure your entity structure is set up to protect and serve all family members involved in the business, and can advise on specialist products such as Bloodline Trusts.
PJT Family Business Advisors can assist family owned businesses with their regular compliance and advisory services, but can also assist with:
Strategic / Business Planning
Wealth Creation and Preservation
Governance including development of Boards, Constitutions and Family Councils
Developing fair remuneration principles
Mentor the Board or Management Team
Top 10 Tips for Family Businesses
To help your family business run smoothly, the Australian Small Business Commissioner (ASBC) has put together these top 10 tips for running a family business:
• Leave work at work and home at home.
• Have clear roles for each family member.
• Pay the market rate to all family members who work there.
• Use outside advisors for unbiased advice.
• Have a good management structure - don't confuse ownership or inheritance with management.
• Be open with communication - both good and bad news must be shared.
• Clearly outline the entry and exit conditions for family members involved with the business from the beginning.
• Develop a succession plan and make sure that all parties agree on the transfer of ownership.
• Hold regular meetings and family 'retreats'.
• Use mentors and family business forum groups as a sounding board.
For a no-obligation discussion with PJT’s family advisor team, book a consultation today.
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