Yearly PwC create a survey that interviews family businesses globally and gathers their sentiments in a survey. There were 50 Australian businesses interviewed, across all business groups and all sizes and 2,000 businesses interviewed globally. The key findings in the latest report are a follows:
1. Innovation is key to future success – there is also a recognized need by business owners to continue to adapt their businesses to compete and grow globally.
2. Attraction of key talent is still a significant challenge. Finding the right people is the biggest internal challenge cited by companies, this includes retention of talent.
3. The greatest external factors facing small businesses are, not unsurprisingly, the exchange rate fluctuations and the global economic climate.
4. The businesses believe they play vital role in job creation and stability in Australia.
5. Businesses do not believe the important role they play in the economy is recognized by the government.
In this environment only 40% will hand their businesses onto the next generation of their families the rest will consider other ways to sell, including employee ownership with 28% already offering shares to non family members and a further 32% are considering it.
Could an ESOP work for your business?
If you are a small or medium business owner in Western Sydney interested in finding out if a sale to employees and managers could work for your business, Employee Ownership Australia is offering a special trade rate to attend their annual conference in Sydney on Friday, 24 May. The conference program covers all aspects of preparing an option for sale for employees.
To read the full report click here.
See also the following pages: