Our latest insights

As family businesses evolve, financial transparency has become a vital element for fostering growth and trust. As the baton passes to the Rising Generation, a new wave of openness and accountability is reshaping the way family business discuss money.

Social media offers strong appeal for the masses to learn finance due to the ability to quickly disseminate information in a digestible way. While this may not be how previous generations learned financial acumen, it is undeniable that social media platforms are opening new ways of understanding how to build wealth.

It’s common for business owners to transfer shares to their children as a reward for valued contributions to the business. Ownership can also motivate individuals to perform better as they have a vested interest in the company's success.

Australia is about to witness one of the most significant generational wealth transfers in history. With rapid technological changes, a growing focus on sustainability, and the evolving demands of a global market, the Rising Generation has both an immense responsibility and an unprecedented opportunity.

Legacy is crucial for the long-term success of family businesses. These businesses are usually created with the notion that it will continue operating for generations to come. Constantly balancing performance against legacy is the crucial equilibrium is critical for sustainable business continuity.

This National Family Business Day it’s critical to understand the value of legacy in your family business to ensure success and growth for generations to come.

The current economic environment is challenging for businesses trying to operate when budgets are tighter and profit margins are squeezed. Family businesses are uniquely positioned as they’re used to maintaining a long-term perspective, naturally fostering a transgenerational mindset through knowledge sharing, learning and investment in the business.

While Family business make up 70 per cent of the Australian economy, only 12 per cent makes it to the third generation. As the first and second generation work on and in the business, it’s crucial to try and keep it alive – to uphold the legacy and ensure the business thrives for future generations.

Some families spend a lifetime generating wealth and hope to financially set up future generations. However, when looking at Estate Planning, sometimes families only consider one generation at a time.

The results of the 2023 Family Business survey report identified top concerns for Australian family businesses in the current environment.

Often a family business starts with Mum and Dad and family governance isn’t an issue as both parents want the best for their children, and their values and vision for the future are aligned.

Diversity, diversity in family business, Grant Thornton , governance in family business, business governance