Home topics small-business-resources growing Growing Growing Insider’s guide to running a family business Adeline Teoh August 4, 2008 About 80 percent of all businesses in Australia are family businesses . Yet being in a family business isn’t easy, with a skills shortage and corporatisation to face. So read on to find out about successfully running a family business . A study by RMIT University shows that $1.4 billion will change hands in the next decade, from entrepreneurial baby boomers that shunned the boss and set up their own businesses, to their successors, whoever they may be. The handover probably won’t be a traditional one, says Philippa Taylor, CEO of Family Business Australia (FBA), noting an increase in ‘families in business’, rather than a family business. The difference is the next generation may not follow in the footsteps of their parents by continuing the business, but use the asset to move in a different direction. “There are a great number of kids who are coming into a family business but if dad is making widgets, the son doesn’t automatically start making widgets,” she explains. “He will join the family business and start another business within it, almost like an incubator.” Surprisingly, considering their number and their value, family businesses don’t receive much recognition for their contribution to the economy. Most pressing is the need for skilled and unskilled labour. “Employment and finding good people is their highest priority,” says Taylor. “A lot of them are affected by the skills shortage, particularly