All in the Family – Passing Down Business through Family
According to the Australian Bureau of Statistics, the number of active businesses has been on the growth. In this direction, about 2.1 million Aussies either operate or own a business, and, the statistics indicate that, from the total of companies, more than 70 percent account for family operated ventures. Notwithstanding, just 20 percent of these institutions have a succession plan. In the meantime, less than a third of the businesses are passed down to the second generation, while 10-15 percent of them are transferred to the third generation. Although the vast majority of business owners are overwhelmed with responsibilities and […]
