Family businesses account for more than two thirds of all businesses in Australia and employ half of the country’s workforce. They form an integral part of the economy, and their unique dynamics mean that many business owners hope to pass the baton to the next generation.

Successful businesses in Australia often span multiple generations. Wealth, once created, should enable current and future generations to build long-term financial stability for the family. However, research shows that only 40 per cent of established family businesses survive the transition to the second generation. Beyond that, only 13 per cent survive to the third generation, and just 3 per cent make it to the fourth generation and beyond.

Amongst the many challenges of running a successful business, succession is often overlooked or avoided. It can be an emotionally charged topic that is difficult for families to discuss. While it may be an awkward topic to bring up, the reality is that succession is one of the biggest risks to the ongoing viability of a family business.

How we help clients

We understand that 'family' brings a dynamic set of challenges and opportunities. Therefore, we take a long-term approach to understanding where you are now and where you want your business to grow and evolve. Additionally, we recognise that no two family businesses are the same, and that discretion and confidentiality, with a trusted adviser who understands the family’s values, purpose, and more, are of the utmost importance.

HLB Mann Judd’s family business experts can provide objective support in the following:

  • Family business succession planning
  • Generational transition planning, business coaching and mentoring
  • Assistance with the development and implementation of a family charter, family forums, family councils and advisory boards
  • Private wealth management and family offices
  • Tax planning strategies to help protect the family legacy
  • Responsive financial, accounting and business advisory support
  • Operational and strategic management structuring: family versus independent management
  • Risk mitigation strategies, including asset protection, diversification and insurance
  • Deal and growth strategies through mergers and acquisitions
  • External advice on family issues and conflict resolution processes.

Balancing family and business

We are proud to work with many ambitious and entrepreneurial families, both in Australia and across the globe. While the HLB Mann Judd Association was founded in the early eighties, most of our firms' roots trace back much further. With some client relationships spanning more than three generations, we have witnessed significant change and navigated the ever-evolving business landscape together.

Our approach considers three separate but overlapping systems, no matter where your business is in its lifecycle.

  1. Family - Do they currently work in the business or have they previously worked in the business?
  2. Business - What are the current and future roles of the business’s employees, advisers and stakeholders?
  3. Ownership - Is the business owned by one or more members of the same family, or by individuals outside the family unit?

From the dining room to the boardroom, your family can count on our experience. Contact our advisers should you wish to learn more.

Talking family business

Talking family business

Podcast series

Listen to HLB Mann Judd's six-part podcast series which explores the different aspects of running a business.

Listen

Listen to HLB Mann Judd's six-part podcast series which explores the different aspects of running a business.

Listen

Our expertise

Business Planning & Strategy
Family Office
Succession Planning
Tax Planning
Transaction Advisory
Wealth Management