If you’ve navigated to the home page of our website, you would have seen a sentence that defines exactly who we are and what we do: private wealth management for family businesses. But why does our practice focus specifically on family businesses?
There are many reasons why Stephan Independent Advisory focuses on family businesses:
- We are two brothers working together, so we’re a family business ourselves.
- We believe in the foundational importance of family.
- Family business can be a vehicle for family culture and values for future generations.
When you run a family business, you’re constantly thinking about the future. Many of the decisions you make can affect not only your business but also your family and the legacy you’re building.
At Stephan Independent Advisory, we believe that business success and family success are intertwined. That’s why we are committed to working with families who are looking to build a legacy, empower future generations, and protect their family culture with a long-term wealth strategy.
What is family business?
A family business is an enterprise where decisions and operations are significantly influenced by family members, often across multiple generations. These businesses may range from small, closely held operations to large multinational corporations, and they represent a vital part of the global economy.
In Australia, family businesses account for approximately 70% of all businesses and employ around 50% of the workforce, according to a 2023 Grant Thornton survey. They include everything from farms and retail shops to large-scale manufacturing and service-based enterprises.
Iconic Australian examples include firms like Haigh’s Chocolates and Coopers Brewery, which have successfully maintained their family-led operations across generations.
How Many Types of Family Businesses Are There?
Family businesses can take on many forms, often influenced by their size, structure, and the extent of family involvement. Broadly, they fall into categories such as:
- Owner-Managed Businesses: Typically run by a single family member with ownership concentrated within the family.
- Multi-Generational Businesses: Enterprises where leadership and ownership have been passed down through multiple generations.
- Blended Models: Family-run operations that also incorporate external leadership or investment to support growth.
- Legacy-Focused Enterprises: Businesses specifically built to preserve and pass on wealth, values, and culture to future generations.
Each type of family business comes with its own distinct opportunities and challenges, making tailored advice and strategy essential. Our clients span this entire spectrum of family businesses – some are multi-generational enterprises that have been passed down for decades, while others are in the early stages of establishment. Despite their differences, they all share one common thread: the unwavering importance of family at the heart of everything they do.
At Stephan Independent Advisory, we understand the complexities and beauty of running a family business because we live it every day. Whether you’re navigating succession planning, wealth management, or legacy creation, we’re here to help ensure your family business thrives for generations to come.
