We know that family firms are the bedrock of nations around the world contributing above and beyond financial measures by providing jobs, community support, investment and charitable endeavours too.
This insight clearly shows the dominance of family businesses in Australia and why it is important that these firms are given a voice!
Family businesses are the unsung heroes of the Australian economy. They form the backbone of our economy – supporting more families, industries and sectors that you can probably imagine. To give you an idea of their magnitude, Australia’s largest family-owned business, Linfox Australia Pty Ltd, was internationally ranked 240 in the world’s 500 largest family-owned companies in 2015. It employs over 23,000 people and has more than $6 billion in revenue per annum. The next largest, Visy Industries – a packaging and resource recovery company – generates $4 billion in revenue and employs over 5,500 people. These behemoths are enormous compared to most family owned businesses, who scale all the way down through multi-generational corporations to the small, mum-and-pop corner stores.