Family-Owned Businesses
When the Business and the Family Are Closely Connected
When the Business and the Family Are Closely Connected
Family-owned businesses can exist in almost every industry.
They may include:
trade businesses
construction businesses
retail stores
hospitality businesses
professional practices
healthcare businesses
transport businesses
manufacturing businesses
property-related businesses
service businesses
businesses operated across several generations.
What Makes a Family Business Different?
Family businesses often involve more than ordinary business decisions.
Questions may arise around:
who works in the business
how family members are paid
who owns what
how profits are shared
bringing younger family members into the business
business growth
succession
retirement
what happens when someone wants to leave
how the business may eventually pass to the next generation.
These can be financial decisions and family decisions at the same time.
How SKC Accounting Can Help
We provide clear accounting and financial information that can help family members better understand the business.
Our support can include:
financial statements
management reporting
cash-flow planning
budgeting
taxation
business structure discussions
business performance reviews
longer-term financial planning discussions.
Where legal, succession, estate-planning or financial-planning expertise is required, we can work alongside appropriately qualified professionals.
Service Delivery Disclosure
SKC Accounting Financial & Advisory Services Pty Ltd trading as SKC Accounting is a licensee of Platinum Accounting Australia Pty Ltd (Platinum). Platinum is a Registered Tax Agent (Tax Agent No. 24683431). Tax agent services, including the preparation, review and lodgement of tax returns, and BAS/GST services requiring registered-agent authority, are provided through Platinum under the applicable engagement arrangements. For more information, please visit Platinum Accounting Australia.
Let’s Talk About Your Business
A useful first conversation starts with what your business does, what is creating pressure and what you would like to improve. Book a Complimentary Initial Consultation to discuss the support that may suit your circumstances.