Built to Last- Are #familyowned businesses an endangered species?

According to National Geographic, a species is considered to be endangered if it suffers from a 50-70% population decline. In Australia, the rates of #business ownership continue to increase….but are the businesses being created today going to be owned and operated by future generations?

The statistics on survival rates for family owned businesses are sobering. It’s reported that:

- more than 30% of all family-owned businesses survive into the second generation;
- 12% percent will still be viable into the third generation; and
- only 3% of all family businesses are still operating at the fourth-generation level and beyond.

Unfortunately, there are many factors that can put family owned businesses at risk. Often, it is the family dynamics themselves that are a problem.

The Bankwest Future of Business Report found that less than 20% of family owned businesses have a documented charter that governs the business. An #advisory #board is a game-changer for how your business makes decisions and sets strategy to move from family-run to next level.

Does your venture or social enterprise have an advisory board? Contact the team at One10 to see how we can assist you.

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