Today Australia celebrates National Family Business Day and the role family business has played in shaping the social, economic and cultural fabric of Australia.
“Family businesses are the backbone of Australia and many of Australia’s largest and most loved companies started off as a family business” Philippa Taylor, CEO of Family Business Australia says.
Accounting for around 70% of all Australian businesses, the enterprising Australian family unit plays a starring in the local economy at every level. Family Businesses even employ around 50% of the entire Australian workforce!
And nowhere is their significant contribution more evident than in the small business sector.
An estimated 64% of all Australian family businesses employ less that 20 people and the average turnover of all businesses is $12 million per annum. Right in the peachy range of up and coming SMEs.
On average these aren’t swish new businesses either with the average age of the Australian family business at 32 years and the average owner boasting 55 years. It’s this longevity that goes to the heart of what it means to be a family business.
“The defining characteristic of family business that sets it apart from any other business structure is the intention to ‘endure’.” Taylor says.
“This focus on creating value for future generations rather than turning a quick profit is what makes family business especially important to the Australian economy,”
And this, Taylor says, is what today is all about.
“National Family Business Day is all about celebrating Australia’s innovation and the families that took a risk around a business idea to create value for generations to come,”
Nominate a family business you know and love, to win today's KBB Family Business Hero Kochie's Business Builders on Facebook. We'll send them some prizes and feature them on the KBB Website