A good piece on the state of the nation for Australian family firms where there is a growing number of businesses where succession and transition to the next generation is likely to take place over the next few years.
A lot revolves around communication and creating frameworks to distinguish between what is work and what is family, allowing both to operate side by side.
A good piece that should resonate with family business owners the world over and how to tackle what for many is the elephant in the room - succession and the transition from one generation to the next. One thing I do know is that failure to discuss and plan can lead to lots of issues down the line...
Succession is a major challenge for many families around the world - check out our free article bank for more insights an great articles on the topic here
Mixing family with business can be tricky, but there are certain frameworks that can be put in place to reduce tensions when disagreements arise. It is being touted as the greatest wealth transfer in history. Over the next 10 years, as ageing baby boomers pass their estates to their heirs, research group McCrindle predicts more than A$3 trillion will change hands in Australia. Some of that wealth will be tied up in family businesses – the world’s most common business model.