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What's the Future of Your Family Business?

By   ·  3 minute read
Family businesses are the backbone of Australia’s economy. Nearly 98% of Australian businesses are small businesses, many of them family-run, providing jobs for 5.36 million Australians - more than half of the workforce. 

Half the workforce. That’s huge. 

But it feels wrong to reduce family businesses to just numbers. Yes, the economic impact is enormous, but there’s so much more to family businesses. They are the heart of our communities, shaping the way we interact with the world. They:
  • Shape neighbourhoods
  • Create opportunities
  • Pass down legacies
  • Build belonging, resilience and possibility

Yet, the past few years have tested this backbone like never before.

 

The Pressures on Family Businesses 

The challenges are real. And relentless.

In 2024 alone, 12,405 businesses went insolvent between January and November, with another 10,000 expected to collapse by mid-2025 (ASIC, Weekend Australian, Dec. 17, 2024). 

Family businesses are dealing with: 
  • Evolving regulations that feel like a constant weight
  • Rising costs and interest rates, making every decision harder
  • Succession plans that aren’t clear enough for the future
  • The ongoing tension between protecting a legacy and driving innovation


In our experience, business isn’t separate from life, especially for a business owner.

When we ask, "How’s your day going?" we really want to know. It is more than a simple check-in, it reflects everything else happening in your inner and outer world. Your life.

The challenges you face as a business owner don’t stop when you leave the office, they follow you home, affecting your family and impact your community.

So "getting on the balcony" of your business and life is super important as a business owner.

 

What Makes Family Businesses Unique? 

Here’s what sets family businesses apart: values. 

Real values – not the type that are invented in a boardroom or by Chat-GPT.

They exist in you, and are expressed by the way you: 

  • Treat your employees
  • Interact with customers and partners
  • Show up in your brand 
 

It’s easy to create a business that doesn’t feel like you - one that doesn’t reflect your true self or values. But as a business owner, having a brand that resonates with your core beliefs matters a lot.

Being intentional about your values and using them as guiding principles in your business creates a magnetic force that attracts the right customers, clients, partners and employees.  

For values to serve as a magnetising force, they need to be:

  • Visible and Known: Clearly communicated to everyone in your business
  • Embodied: Actively lived and demonstrated through actions
  • Personalised and Actionable: Aligned with your unique vision and integrated into daily operations
  • Central to Decision-Making: Used as a compass to guide every choice, big or small
When your business is grounded in authentic values, it becomes a force that attracts the right people and opportunities. With values as your foundation, you’re in a better position to build a business that not only grows but can also weather any storm.



Building a Resilient Business 

Family businesses are at a crossroads. How do you move forward without losing what makes your business special? It starts with long-term thinking and a strategy designed to support both your life and your legacy. 

You might be relieved to know, that good strategic planning isn’t about glossy reports or long processes. It needs to be fit-for-purpose, simple and a roadmap for: 
  • Clarity and focus
  • Growth that feels sustainable
  • Alignment with the life you want to live 
  • Clear decision making

Here’s what that can look like:

  • Build a strong foundation: Align your family and your team, nurture customer relationships and create systems that allow for straightforward growth
  • Balance risk and tradition: Innovate where it matters while honouring the legacy that brought you here
  • Plan for succession: Don’t leave the future to chance. Start the conversation now and ensure the next generation has a roadmap
  • Get outside perspective: Sometimes you’re too close to see what’s holding you back. A fresh set of eyes can help you reimagine what’s possible.
  • Make the tough decisions: What decisions need to be made to clear the path ahead? Simplify by building scenarios for potential future business environments to help build resilience
And lastly, clarify what matters most to you. As a business owner, you are the energy holder of the business, so it's essential to know where your energy is best spent.  How you show up and what you pay attention to gets noticed, and matters. A lot.


Our Services: Helping Family Businesses (and you, their owner) Thrive

At Reimagine Consulting, we focus on what matters most to you and your business.

Our services are designed to meet you where you are and support you in building and growing a business that reflects your values, aligns with your vision and gives you the freedom to live the life you want.

If you're looking for:

  • Strategy Development and/or Consultation: Build a simple, actionable plan that keeps you focused and helps you grow.
  • Leadership Coaching: Strengthen your leadership and get your team on the same page to make things happen.
  • Professional Development: Give yourself and your team the tools to adapt, get things done and move forward.

We're here to help you break through limitations and achieve what you've set out to do.

Family Businesses Matter 

Family businesses are the foundation of resilience, connection and possibility. Thank you for building something that not only withstands challenges but helps shape the future of our economy and communities.

The real question is: how do you ensure your business is built to last?

Let’s work together to create a future where your family business doesn’t just survive but grows stronger.

Your legacy is too important.