F
amily business has a very low profile in Australia. Despite this,
a 2013 inquiry by the Australian Parliament Senate, reported
that approximately 70 per cent of businesses in Australia are
family businesses. They are therefore ALREADY a vital component
of the Australian economy, and the Australian Government recognises they have even greater potential. In the near future, they
will extend the activities of the Australian Small Business Commissioner into the Small Business and Family Enterprise Commissioner. The opportunity is there – but WHAT is a family business and
why are they important?
Typically, a family business is one in which the majority ownership and the strategic business decisions are made by ONE family
(or representative of one family). However, in today’s world the
‘family’ has many dimensions other than a ‘blood’ relationship.
The Lionel Samson Group was founded in 1829 in Fremantle WA
and is now in its sixth generation. It is one example of a family business that illustrates the multi-dimensional nature of family
business that e