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In Brisbane, family businesses are the backbone of our economy.
Some of the most prominent and respected companies in Brisbane, many of them household names, are proudly family-owned and operated. In fact, family businesses of all sizes and types dominate Australia’s private sector. Nationally, family businesses account for the majority of Australian businesses, contributing half a trillion dollars to our economy and creating job opportunities for a huge portion of the workforce.
Brisbane is a rapidly growing city best known for its outdoor lifestyle and clean and green environment. This has earned it a reputation as a ‘great place to live' and 'raise a family.' With its promising future as a key economic hub in the Asia Pacific, Brisbane offers an ideal setting to make your family business dreams come true.
Yet running a family business isn't always easy.
Balancing the dynamics of family relationships with the nitty-gritty of daily operations can often feel like a high-wire act. The office doesn't always stay in the office; it often spills into family dinners, weekend gatherings and even holidays.
In this latest thinkBIG report, we’ve picked the brains of some of our most experienced advisers to bring you a collection of valuable tips for Brisbane family businesses.
Brisbane already has a reputation as the best city to raise a family – but what about raising a family business?
With Southeast Queensland attracting a surge of residents and Brisbane's population doubling to 2.5 million in just 40 years, there are plenty of opportunities.
Local authorities predict that an additional 350,000 people will call the city home within the next decade. By 2041, the urban area alone is expected to house 1.5 million residents. These demographic trends provide a promising customer base and a dynamic market for family enterprises.
However, launching a family business is an important moment that demands careful planning and a clear vision.
The choices made at the outset can shape your business's long-term trajectory. Professional guidance can ensure that your family business in Brisbane not only taps into the right opportunities but also operates smoothly, mitigates risks and sets a course for long-term success.
Want to learn more about launching and running a Family business in Brisbane?
Andy Graham
“A successful and sustainable family business involves navigating many moving parts both within the family itself and amid the external competitive landscape. In our latest thinkBIG report we share not only our experiences but those of some of our family business clients, focusing on the key issues, challenges, opportunities and what makes them successful”.
While it’s uncommon for a young family business to have strong governance in place, this approach is unsustainable once the business becomes more established and starts turning over millions of dollars a year and employing a large number of staff.
Operating the same way as you did in the beginning won’t cut it – your approach must evolve to match the business size and complexity.
Implementing good governance requires adopting a commercial mindset and taking active steps to treat your business like a business. This can include:
- forming a board of directors
- documenting policies, processes and procedures
- conducting internal audits
- engaging in regular strategic planning
- maintaining compliance
- committing to staff training
- establishing feedback mechanisms
Steve Healey
“Australia has in excess of 1.4m family businesses, accounting for around 70% of all businesses across the nation - family businesses are indeed the lifeblood of our economy, in Queensland and across Australia. This report recognises not only the importance of family business but also highlights the critical areas that need to be focused on and how to go about that. Getting the right structure in place and ensuring the right succession plan is in place are just two of the critical elements to ensure long-term prosperity and success”
It’s easy to get swept up in the daily rigmarole of running any business, let alone a family business where so many other dynamics are at play.
Keeping on top of customer orders, employee dramas, and tedious admin leaves you exhausted at the end of the day and putting a second thought to anything else can feel impossible.
Yet there are some aspects of running a family business that shouldn’t be overlooked. Taking the time to understand them and put in place good practices can go a long way towards ensuring your future success.
These include:
- Superannuation
- Division 7a loans
- Dealing with divorce or death
- Insurance
Nick Webb
"Insurance plays a pivotal role in protecting the future of each family unit, regardless of age and occupation. Income Protection insurance in particular serves as a vital component of a sound wealth protection strategy and greatly reduces the stress that accompanies unforeseen events, such as the inability to work and derive an income."
We can help you navigate the complexities of establishing, operating, growing and preserving your family business and legacy.
At RSM, we have more than 100 years of experience working closely with family businesses. We offer professional advice, business solutions and ideas tailored to your needs - built on a relationship of trust and mutual understanding.
Get in touch with the Brisbane team
Get in touch with the Brisbane team
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