PwC’s 2014 Family Business Survey: Building success for today and tomorrow provides insight into family businesses both here in Australia and on a global scale.

Close to 2,400 family businesses from around the world participated in the survey, including 90 from Australia. The results found that, compared to their global counterparts, Australian family businesses generally appear to be falling behind on a number of areas critical to their future success including digital and technical innovation, succession planning, managing family conflict and innovative use of capital.

Key highlights from the Australian results:

 

·        Just over half of Australian family businesses achieved sales growth in the last financial year, lower than the global average of 65%.

·        Despite this, family businesses remain optimistic with 84% aiming to grow in the next five years.

·        38% are planning to sell or float their business, while only 24% plan to pass it on to the next generation.

·        71% of Australian family businesses recognise the need to adapt to an increasingly digital world - but only 57% understand the tangible benefits of digital strategies and systems, or have a realistic plan for measuring them.

 

Failure to keep pace with global trends will put Australian family businesses at risk of eroding the value in the business they’ve worked so hard to build.

For further insights and to download the full report, please visit PwC's Private Clients website or call James McElvogue on 8266 8384.