This week we celebrate National Family Business Day - on Thursday, September 19.

It's a great moment to reflect on the crucial role family-owned businesses play in the economy and throughout our communities.

Think about the many farming, hospitality, convenience, construction and professional services businesses in your community and often it will be family-owned and led.

Some of our most enduring businesses are family business where leaders take an intergenerational view to their decisions and plans, are always thinking about their contribution to the local community and are often deeply values-driven.

Seven out of 10 businesses are family-owned and 40 per cent are run by a couple team, typically a husband and wife.

It's a big responsibility owning and running a small business and that is magnified when it is a family endeavour.

When the dining table becomes the board table that can create a unique set of challenges.

The families who have the passion and drive to run their own business invest their whole life. For many, there's no clocking off at the end of the day or on weekends. They are always going because they know the stakes are high.

Typically, they have put their home on the line to build up their business, which amplifies the emotional and financial pressures.

It is often the case when a family business faces difficult circumstances, other family members pitch in - all hands on deck.

Official statistics tell us between 1 and 2 per cent of all private sector workers contribute to a family business, some 170,000 people. Australia is one of the few major economies that records and recognises the immense contribution of family members to a business, even when they might not receive a separate income for their endeavours. Many more don't record or are directly paid for the work they do in chipping in to help out the family business.

As we get older, those who stay in the workforce are increasingly likely to be associated with a family business. About 13 per cent of all workers aged over 70 are working in a family business.

Among those over 80, it rises to 24 per cent of all workers being a contributing family worker.

In some cases, a parent who started a business passes it on to a child but remains working as a source of wisdom and support.

Others have retired from their own career but instead of taking a cruise, they go to work in a business started by one of their children and do whatever is needed, often for little or no wage.

Family businesses come in all shapes and sizes and are spread among many industries.

Although it is no surprise 25 per cent of contributing family workers are in agriculture, forestry and fishing.

In fact, family farms running sheep, beef cattle or grain account for two out of three contributing family members across the entire agricultural sector.

One in 10 people working in a family business are in construction, with similarly high numbers in accommodation, food services and retail trade.

One of the biggest challenges is succession planning as those who have created a family business hope to pass it on to the next generation. And how to balance variations in passion and contribution across the siblings, reward the earlier generations for what they have built and navigate differences in aspiration and vision across family members are part of the tricky path of succession.

When business decisions are also family decisions there can be an added layer of emotion. What if one of the offspring takes time away from the family business to gain experiences that can take the family business to the next level or to a place better able to respond to a changing dynamic economy. That might well be the best investment in tooling up the business for the future but how do you balance that with the sibling who stays at home to keep the business going?

For the parent, passing the business onto the kids can be an ideal way to end their business journey but sometimes the next generation are not interested or have developed skills and interests not necessarily aligned to the family business.

Every family is different and succession planning needs to be customised. Usually, a three-to-five-year plan is recommended by the experts, but some will have a longer horizon while for others fate may force immediate transitions. In some families it will be smooth sailing, but we know that family dynamics can be challenging and for others it may be complicated, fraught and a highly emotional process.

An independent, trusted adviser can moderate this process. It is also important to understand the accounting, tax and legal implications.

I've met many young adults who grew up in a family business who admit they don't know what direction they want to take in life, but having seen how hard their parents work in the family business they tell me: "I know it's not that!"

Many see a family business they have created as their "retirement nest egg" and pass it on to their children. In too many cases I hear about, the children are in no position to buy it and may reluctantly "take it off mum and dad's hands" at no cost. So, what does the retiring generation live off and how do they enjoy rewards for their decades of endeavour and creation of opportunities for the next generation?

The implications of the ageing small business community are in many cases amplified when it is a family business.

So, let's take a moment to salute the entrepreneurial families who delight customers and enrich our communities and give them our support on National Family Business Day and all year round.