Top 10 tips for Family Businesses
Hold a family retreat – what! That’s right and if you’re serious about your family business you will seek out a third party to facilitate it for you. Family businesses make up about 70% of all Australian businesses and employ half the workforce, says Family Business Australia.*
When it comes to finance, many family businesses are required to put up the family home. Despite the best advice not to keep all your eggs in one basket, there is often little alternative.
A problem at home can drag down the business. Problems with the business can make family life a misery. In any event, everything is at risk.
At AddCash we help many families by offering invoice finance to their business, no mortgage over the family home required. Whether they need additional overdraft for every day cashflow, want to release business equity and transition to the next generation, or simply sell and upgrade the family home, AddCash can assist.
So what about that family retreat? This is one of the top 10, and very sound tips, for family businesses put together by the Australian Small Business Commissioner.