fbpx

Family Business Accountants

PJT provides specialist assistance to family businesses. As an FBA Accredited Advisor, Wayne Patten heads our family business division.

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.

family-business-australia-accredited
supporter-family-owned-business-australia

Family Business Accountants

Read Industry Articles

Is Your SMSF Investment Strategy on the ATO’s Radar?

Recently the ATO issued a warning letter to around 17,700 SMSF trustees highlighting the concerns regarding lack of diversification with ...
Read More

First Home Super Saver Scheme (FHSSS)

What is it? The scheme is aimed at helping first home buyers save faster using their ready made superannuation investment ...
Read More

Common Mistakes Made By SMSF Trustees

Do you have a Self-managed Superannuation Fund (SMSF)?  Or are you thinking of setting one up?  If either of these ...
Read More

What you don’t know about the Commonwealth Seniors Health Card

When your age starts to get the better of your health, you will most likely find that your healthcare expenditure ...
Read More
Sunshine Coast Accountants and Business Advisors