Do you own or work for a family business?
Research shows that firms that are run by families often have ‘the family advantage’, meaning they frequently outperform their non-family peers in the corporate race. One study found that the annual revenue of family businesses on the S&P 500 grew at more than double the rate of their counterparts.
However, with more than 50 per cent of Australia’s workforce employed in family business, it is alarming that this sector is increasingly facing challenges that will cause many of them to fail over the next decade.
Australian Company Liquidations (ACL) has compiled a list of the three top reasons why your family business might be heading towards liquidation.
If family business owners want to ensure their company will survive after they leave, it is of paramount importance that they begin training their successor as soon as possible. It is risky to delay succession planning and incidents such as death or illness can occur, which can be detrimental to the company.
Many families are reluctant to formalise the way their business is managed. But without formal governance, businesses are at risk of internal conflict and ownership issues in the future.
Many family businesses do not effectively leverage the trust that many customers have in firms that are run by families.
If you have decided that liquidation is the only and led professionally by a registered liquidator who is licensed by the Australian Securities and Investments Commission. At ACL, we offer a team of fully licensed liquidation practitioners who are experts at handling voluntary corporate liquidations.
We understand the financial strain that your struggling family business is feeling; therefore we offer the lowest prices for our high quality service. For free 24-
hour expert advice, contact an ACL expert today on 1800 731 155.