Family businesses are the backbone of the Australian economy with almost 70% of businesses in Australia family owned and operated.
Australian family businesses account for collectively over $4.3 trillion of the nation’s wealth and employ 50 percent of the nation’s workforce.
Statistics, however, suggest that only 30 percent of all family owned business survive into the second generation, only 12 percent are still viable into the third generation, and just 3 percent will make it to the fourth generation and beyond.
How can we help you?
The Family Business & Private Wealth team take care to develop a deep understanding of our clients’ businesses and their key drivers in order to provide advice that is commercially relevant and strategic.
Running a successful family business can also present unique, unexpected challenges and pressures and we work with individual family members to understand your needs to help build, grow and manage your family business in order to align goals, minimise conflict and achieve lucrative and successful outcomes.
Our Family Business team’s aim is to help you achieve your financial objectives for the future and make sure transitions are tax effective, flexible and provide you with peace of mind.
Our team can draw on both their legal and personal experience to assist you and your family. Whether the issue is looking at the best business structure for you, asset protection, wealth management or succession planning, we can help you.
Establishing, purchasing or expanding a business involves due diligence and planning. Sale and purchase documentation as well as Government regulatory compliance needs to be addressed. Employment arrangements need to be secure and compliant. We can address all of these issues.
Ongoing commercial advice, contractual documentation and tax planning are regular occurrences and we have an experienced team that can address all of these issues. Being proactive in these areas can free up your time and money to help grow your business whilst it avoids penalties and costly disputes.
By focussing on your needs, with specialist advice we can work with you to build, grow and maintain your family business for future generations.