Family-owned businesses play a crucial role in the economy and our communities. Some of Australia’s most successful businesses are family businesses. They are also some of the most enduring, over generations, building a legacy in name and value to the Australian community. And for some of Australia’s largest businesses that once started out as a family business, their business success is also part of Australia’s economic fabric.

This Family Business Day, 19 September, the Australian Small Business and Family Enterprise Ombudsman Bruce Billson is celebrating the entrepreneurial spirit of family-owned businesses.

“Family businesses are deeply driven by family values and are often community champions. They sponsor local sports teams, help build community infrastructure, and establish charitable foundations that add value to communities,” said Mr Billson.

“But for the families that have a go, their passion and drive is commendable. National Family Business Day is a great day to remember the entrepreneurial spirit of family business owners and celebrate their efforts and impact to our communities. But let’s not only give recognition on this day but every day. Family businesses – we see you, we hear you, we celebrate you.”

High pressure, immense contributions

Seven out of 10 businesses are family owned and 40 per cent are run by a couple. Many of Australia’s family-owned business are in the farming, hospitality, convenience and retail services.

“Australia is one of the few major economies that records and recognises the immense contribution of family members to a business, even when they might not receive a separate income for their endeavours,” Mr Billson said.

“Many more don’t record or are directly paid for the work they do in chipping in to help out the family business, and some aren’t paid the market wage.

“Their personal identity is often tied up with their family business, there’s no switching off at the end of the day and they are often investing their energy, time, and personal funds, to make it work,” Mr Billson said.

“Financial and emotional pressures are amplified when many have put their home on the line to build up their business. And often, the family dining table is the board table or work zone, impinging on any semblance of work/life balance, adding potential fragility to family dynamics and relationships.”

Family Business Association

Mr Billson praised Family Business Association (FBA) for their continuous efforts showcasing and supporting the value of Australia’s family-owned businesses.

“FBA is uniquely focused peak body for family business and they help their members navigate the intricate juncture of family dynamics and business operations. They provide valuable support and insights for family businesses including succession planning, governance, financial management and strategic planning,” Mr Billson said.