Succession: The art of running a family business

Family businesses in Australia play an important role and represent 67% of all Australian businesses, provide 55% of private sector employment, 48% of total private sector wages paid and half of all gross industry value added in Australia. Given their huge representation in our economy, it’s even more important that these businesses succeed.

However, running a family business is not always easy, especially if relationships are already strained and communication isn’t a strong point. As co-CEO of COS, an Australian-owned private company offering products and solutions for the workplace, with my sister Amie we’ve implemented several strategies to successfully take over my father’s business of 45 years.

Strategies for successfully taking over a family business

1. Clearly define roles and responsibilities for all family members involved

   This was key for COS and is essential for the smooth running of a family business.