These challenges include balancing family and business needs, introducing formal succession planning, developing appropriate governance frameworks and developing professional management practices.
At the same time, they have to grapple with the issues facing all businesses, particularly those that come to the surface during periods of financial and economic stress.
Indeed, family businesses typically demonstrate the flexibility and resilience to survive even the toughest of times. Still, they can usually benefit from the right kind of outside help.
KPMG offers a range of services geared to the needs of family business.
As well as audit, accounting, taxation and advisory services, we help family business with critical issues such as:
- governance, including the development of family councils and constitutions
- succession planning
- strategic and business planning
- planning to manage and preserve inter-generational wealth.
We can provide a valuable 'outside' perspective on business issues, but without losing sight of the family interests and aspirations that are driving the enterprise.
We have been working with family businesses for more than 100 years, which means we understand the dynamics of family enterprises. We help them attain their objectives and secure the long-term prosperity of both business and family. We do this by sharing our technical knowledge and experience, gained by working with some of Australia’s most successful family owned businesses.
As part of our commitment to working with family businesses, KPMG is also proud to be the national gold sponsor of Family Business Australia, the peak body for family businesses which works with its members businesses to help them achieve their full potential.