What is a Family Business - Leigh Barker West Pennant Hills

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

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

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• 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.

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• 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.

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Leigh Barker West Pennant Hills

• 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 informations
  applicability to their particular circumstance.