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What is a Family Business - Leigh Barker West Pennant Hills

The family business is one of the oldest and most common forms of business which is economically important and often underestimated. Family businesses play an important role in all countries and make a sizeable contribution to all economies.

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What is a Family Business - Leigh Barker West Pennant Hills

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  1. What is a Family Business Leigh Barker West Pennant Hills

  2. While all around us, family businesses are often overlooked as a form of ownership. A family business typically has two or more family members involved in the business, holds a majority ownership or control lies with the family. A family business is a commercial operation in which decision making is influenced by family members.

  3. The family business is one of the oldest and most common forms of business which is economically important and often underestimated. Family businesses play an important role in all countries and make a sizeable contribution to all economies.

  4. Like all businesses, a family business can have both advantages and disadvantages and balancing competing interests often becomes difficult within a family business.

  5. There appears to be two main factors that affect the development of a family business and subsequent succession planning these being the size of the family compared to the volume of the business and suitability to lead the business in terms of management ability, technical skills and a commitment to continuity.

  6. While a family business can present special challenges to those who run them, these are of little consequence as long as they continue to be managed by those who are steeped in tradition.

  7. Prepared by Leigh Barker West Pennant Hills , Accountant, Portfolio Finance, Gordon, MWC Group and Tangible Assets. Note that all content of this blog is general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstance. Leigh Barker West Pennant Hills

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