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:
Succession Planning
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.
Read Industry Articles
Improving Your Business Financials
The day to day operations will take most of a hotel owner or manager’s time and rightfully so. The more activity going on in the hotel, should mean an increase in the business’ bottom line.
...
Improving the Financial Facet of the Business
An emerging trend in today’s business is the opportunity to outsource – that is, transition some of the back-office operations to a third party service provider. Many business owners and managers have found it easy to do outsourcing ...
Business Financial Resolutions - How to Achieve Them
We’ve all set New Year’s Resolutions only to see another year go by and resolution not met. That might work personally, but in business, our resolutions should be solid and must be met, especially when it comes ...
Reviewing Business and Finance Plans
With rising costs and falling revenue a common occurrence in many businesses – it may be a good time to review your business and financial plans to ensure you’re on track. Rising cost and falling revenues are sure-fire ...