Family owned businesses are more vulnerable in the current economic climate, than non-family owned businesses, according to CEO of Family Business Australia, Philippa Taylor.
Family owned businesses in Australia number 2 million and Taylor expects many are going to “go to the wall” in the next few months.
“Their lack of a solid business plan and clearly defined strategy, coupled with poor reserves, leaves them vulnerable.”
Many of these businesses take on family members who need a job and it is appararent that they cannot sustain their salaries, said Taylor.
Taylor believes that Family Business Australia can help these businesses in tough times and teach them to survive and thrive.
“At Family Business Australia we aim to assist families to put family business best practise in place, often using case studies and examples of family owned firms that have done so, leading them to not only survive, but thrive.”
Family Business Australia is hosting a day long conference for families in business on 3 April 2009 at Sofitel Wentworth Sydney. For more information, please visit www.fambiz.org.au
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