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5 Minutes with the CEO of Family Business Australia

Announcement posted by FINH 11 Apr 2014

We spent 5 minutes with the new CEO of Family Business Australia, Robin Buckham, to find out her thoughts on what's in store for family enterprises in 2014.

New Family Business Australia CEO, Robin Buckham, gives us her perspective on what opportunities and challenges lie ahead for family business in 2014.

Buckham sees that succession planning and family governance issues remain a challenge for many family businesses. She also expects family businesses to do well in several sectors in 2014.

How do you think the recommendations of last year’s Senate committee enquiry will impact family businesses in 2014?

We certainly welcome the Senate enquiry and its recommendations. The impact of these recommendations will largely depend on the extent to which they are taken up by government. We understand that an ombudsman position for family business is being considered, but this initiative needs legislation and additional action.

Many of the committee recommendations are about officially defining what constitutes a family business and gathering better data on the family business sector; this would showcase the economic contribution of the sector and inform government’s policy positions. Other recommendations from the inquiry centre around tax reform – inter-generational transfer, the 50 non-employee shareholder rules, and trusts – and these areas need more focus. We are also awaiting the announcement of their implementation time line.

What do you see as the top challenges facing Australian family businesses in 2014?

Many family business challenges are not unique. Since we are present in all sectors, we experience many of the same problems that other firms do. However, there are some unique issues that hit us particularly hard, such as succession.

Many baby boomers have founded family businesses and are ready to retire; preparing, planning and implementing succession in the business is particularly challenging in a family context. We have resources at FBA to help family businesses manage this transition. Many first generation business owners find it hard to let go, both because they fear for the business and because they may not have anything particular to look forward to in retirement.

Other challenges are the continuing problem of balancing family and business interests (often called the ‘spreadsheets and bedsheets’ problem!) We see many families struggling to create family time that is work free and vice versa.

What are some strategies for overcoming these issues?

In a word: communication. Families who are able to talk about family and business issues, either with help from advisors, or through a formal family meeting, usually have easier transitions than those who assume that all family members are on the same page.

This process involves naming the elephants in the room (whether it be that the eldest son is not best placed to take over, or that the in-laws are not to be involved,) and setting out a plan to move forward. Most second-generation family members need training (just like anyone new to any business,) and a planned approach to this works best. Again, FBA has a number of courses and events that can help get the conversation started; we find that attendance by multiple members of the family depersonalises the challenge, and allows people to see that other families are also going through the same process.

What are some opportunities that family businesses can look forward to this year?

There are always opportunities for those prepared to look at the marketplace and find a niche; a number of our members are experiencing robust growth, and this is not unique to any one industry or service group. Governments of all complexions are looking for productivity and growth in Australia, and we are just the sector to deliver it to them! According to a recent article in Business Spectator, industries of opportunity in the next years include gas, agribusiness, tourism and wealth management.

Family Business Australia has had a strong and valuable focus on the education of the sector over recent years. What is FBA offering members and non-members in 2014?

FBA has a range of products and services across all states. We offer courses for the new family business (half-day Family Business Advantage Course,) through to courses addressing the needs of a more mature business (Family Business Directors Course.) Our courses are designed to give attendees the tools they need to create sustainable competitive advantages as well as give them the opportunity to engage with other family business leaders.We also run many events across all states where business families can meet and listen to speakers of interest and share their experiences. Groups of 10 members meet 10 times a year in our highly regarded Forum Program where business and family is discussed confidentially.


FBA is the premiere membership and advocacy organization for family businesses in Australia. To learn more about FBA’s member benefits and advocacy work, please visit their website at: www.fambiz.org.au/