Published in Convenience World's October 2025 edition.

By Bruce Billson 

Some of Australia’s most prominent and successful businesses are family businesses. They are also some of the most enduring, over generations, building a legacy in name and value to the Australian community. And for some of Australia’s largest businesses that once started out as a family business, their business success is also part of Australia’s economic fabric. 

When you consider the many farming, hospitality, convenience, construction and professional services businesses in your community, often these will be family-owned and led. 

Owning and running a small business has its challenges, and often these challenges are magnified for family businesses through the added family dynamics. Financial and emotional pressures are amplified when many have put homes on the line, extend planning horizons across generations and know that heavy responsibility of owning a business extends to family member livelihoods, all while working for the success of the enterprise. 

Is what’s good for the family good for the business, and vice versa, and what are the trade-offs? 

The families who have the passion and drive to run their own business can invest their whole life. It is often the case when a family business faces difficult circumstances, other family members pitch in – all hands on deck. The family dining table can morph into the boardroom table or work zone, and family gatherings might evolve into a business review, blurring the lines between workplace and home, adding potential frictions to family dynamics and relationships. 

For many, there’s no switching off at the end of the day and family business leaders often invest their personal funds, energy and time to make it work. They are always striving, because they know the stakes are high. Not to mention, for many, their personal identity is often tied up with their family business, feeling all the more pressure to achieve business success. 

Not many major economies record the contribution of family members to a family business. Australia is one of the few. And what we know is that many family members working in a family business might not receive a separate income for their endeavours, and if they do, some aren’t paid the market wage. Many more don't receive a separate and specific income directly paid for the work they do in chipping in to help out the family business, with benefits and burdens shared collectively across the household or family. 

Seven out of 10 businesses are family-owned and 40 per cent are run by a couple team. You could have a tradesperson on the tools, maybe their partner preparing the quotes, doing the books and keeping accounts and record keeping up to date – contributing significantly to the family business. 

When it comes to working as we age, those in work associated with a family business are more likely to stay working, making up about 13 per cent of all workers aged over 70. Among those over 80, it rises to 24 per cent of all workers being a contributing family worker. Others who have retired from their own careers may go to work in a business started by their children, and fill roles wherever needed often for little or no wage. 

Family businesses are spread across many industries and vary in size. 25 per cent of contributing family workers are in agriculture, forestry and fishing. Family farms running sheep, beef cattle or grain account for two out of three contributing family members across the entire agricultural sector. 

10 per cent of those working in a family business are in construction, with similar percentage in accommodation, food services and retail. 

One of the biggest challenges for family businesses is succession planning. Family businesses take inspiration from future-proofing intergenerational livelihoods. Business leaders are thinking in a multi-generational way, and they often hope the next generation wants to be a part of that business and carry it forward. 

The next generation may not be interested or have career or business interests elsewhere, not necessarily aligned to the family business. There may be things the family business might expect the next generation do, work-wise, to develop their skills, before they come back into the business with additional skills, experience and capacities. 

There can be unique situations involving family dynamics and perception of equality when it comes to succession. When business decisions are also family decisions there can be an added layer of emotion. What one family member thinks is best for the business may not align with what other family members envision. Who will lead? Are all family members contributing equally or in ways that are differentiated and commensurate with differing levels of influence and reward? Who will decide these calibrations, and questions of risk and strategy, and will they sustain a positive family feng shui and support business success? 

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

For this unique business model, it’s great to see the Family Business Association support family business, helping them navigate the intricate juncture of family dynamics and business operations. They provide valuable support and insights for family businesses including succession planning, governance, financial management and strategic planning. The benefits of peer discussion with and counsel from those mapping similar family business journeys cannot be overstated. 

Family businesses are deeply driven by family values and are often community champions. They sponsor local sports teams, help build community infrastructure, and establish charitable foundations that add value to communities. 

The passion and drive of family entrepreneurs is valued, respected and highly commendable. 

They’re having a go and we recently celebrated these businesses on National Family Business Day. While this day is a great way to recognise the entrepreneurial spirit of family businesses, their owners, leaders and team members, and to celebrate their efforts and impact to our communities, let’s give recognition and support to community-minded family businesses every day. 

Bruce Billson is the Australian Small Business and Family Enterprise Ombudsman