Family Business

Professionalising the Family Business for Evolution

Successful businesses in Australia often span a number of generations. Wealth, once created, should allow current and future generations to build financial stability for the family, long term. But “family” also brings a dynamic set of issues that often have many positive aspects, but also potential challenges, particularly when business direction and generational change have not been planned for pro-actively and are not aligned.

When we look at family businesses, we give consideration to three separate, but overlapping systems:

 

 

Where do you fit in the above diagram and how do you get everyone to agree?

  1. 1. People who are involved in the ownership of the business, but are not family members and not involved in the conduct of the business.
  2. 2. Family members who have no ownership in the business and who do not work in the business.
  3. 3. People that work in the business, but they are not owners or family members.
  4. 4. People that are family members who have an ownership, but are not employed by the business.
  5. 5. People who have ownership and who work in the business, but are not family members.
  6. 6. Family members who work in the business, but have no ownership rights in the legal business entity.
  7. 7. Family members who have ownership rights and also work in the business.
  8. 8. Others that have an interest in the business, who are not family members, have no ownership rights and do not work in the business, but have an interest in the business.

HLB Mann Judd, a mid-tier accounting and business advisory network, has been working with family businesses for over 50 years, from the dining room to the boardroom, and has been proudly associated with Family Business Australia for over 15 years.

With the experience of our Family Business Australia Accredited Advisers, we are small enough to take the time to really understand your specific needs, and yet big enough to provide exceptional advice to family owned and operated businesses. You can count on our experience to provide objective advice, to mediate solutions to dispute areas, and facilitate growth to a “professionalised” structure and business operation.

Our family business specialists are objective, very experienced and can provide:

  • Generational transition planning, business coaching and mentoring.
  • Operational and strategic management structuring: family versus independent management.
  • Objective external advice on family issues and conflict resolution processes.
  • Assistance with the development and implementation of a family charter, family forums, family councils and advisory boards.
  • Responsive financial, accounting and business advisory support.
  • Family business succession planning.
Family Business
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Our People

  • Darryl Smith

    Darryl Smith

    Partner
    Business Advisory Services
    Melbourne
    dsmith@hlbvic.com.au
    +61 3 9606 3888

    P: +61 3 9606 3888

  • James Henderson

    James Henderson

    Managing Partner
    Business Advisory Services
    Brisbane
    jhenderson@hlbqld.com.au
    +61 7 3001 8800

    P: +61 7 3001 8800

  • Michael Schmulian

    Michael Schmulian

    Partner
    Business Advisory Services
    Melbourne
    mschmulian@hlbvic.com.au
    +61 3 9606 3888

    P: +61 3 9606 3888

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