International Day of Families is celebrated annually on 15 May to highlight the important contribution families make to the community.
University of Adelaide family business expert Dr Chris Graves is available to talk to the media about the significant contributions that business families make to the economy and the unique challenges they face.
Benefits of family businesses:
- Contrary to popular belief, family businesses outperform other organisational forms. And many survived the global financial crisis better than others.
- Throughout history, families (and their financial resources) have been the critical source of capital for the start-up, growth and sustainability of businesses around the world.
- Family businesses make a significant contribution to the national economy, accounting for around 70% of all businesses in Australia.
Challenges of family businesses:
- Balancing the needs of the business with the needs of the family.
- Preparing the next generation for leadership and the current generation ‘letting go’.
- Respecting history and tradition but embracing change and an entrepreneurial spirit.
- Handling and resolving conflict amongst family involved in the business.
Dr Chris Graves
Director – Family Business Education & Research Group
The University of Adelaide
Phone: +61 8 313 7108
Dr Graves contributed to the Family Business Survey 2013, which can be viewed here: http://business.adelaide.edu.au/documents/family-business-report-2013.pdf
The University of Adelaide has a dedicated Family Business Education and Research Group established in the Business School in 2011, to promote awareness of and excellence in research, education and industry engagement in the field of family-owned enterprises.