Today is National Family Business Day, 19 September, dedicated to celebrating the vital role family-owned businesses play in our economy and communities. Family businesses are the heartbeat of Australia and New Zealand. Creating the family business difference takes dedication, sacrifice, passion and hard work, and that is something worth celebrating.
This morning, FBA CEO, Catherine Sayer spoke to Ben Fordham on 2GB to highlight National Family Business Day. They discuss the significance of the family business sector and spotlight FBA's ask for governments to acknowledge the strength of the family business sector and appoint dedicated ministers.
Ben Fordham also shares his personal family business story and plans for succession. Take a listen:
Visit our dedicated website to access key statistics, family business stories, social media assets and more.
View the transcript here:
Ben Fordham
Today is National Family Business Day. Believe it or not, 70% of all businesses down under are family businesses. That makes the sector one of the largest contributors to economic growth and communities. Family businesses outperform other countries in a big way when we have a look at Australia, and the global average for the age of a family business is 39 years old. In Australia, 47 years old. So we last longer. Catherine Sayer is the CEO of Family Business Association, and she's on the line. Hi, Catherine.
Catherine Sayer, CEO FBA
Good morning, Ben. How are you?
Ben Fordham
Good. I must admit I didn't know we had a National Family Business Day, but considering how hard they all work, we wanted to join in the fun. It's very important we recognise them, right?
Catherine Sayer, CEO FBA
Absolutely. We want to be really loud and proud today on National Family Business Day and there's a lot of activity happening all across Australia and in fact New Zealand.
Ben Fordham
And tell me how many Aussies are employed by these businesses?
Catherine Sayer, CEO FBA
50% of the workforce are employed by family businesses. So as you pointed out, 70% of Australian businesses are family businesses, employing 50% of the workforce. It's a very significant sector.
Ben Fordham
I had no idea it was so large and when we talk about family businesses, they can be doing anything.
Catherine Sayer, CEO FBA
Absolutely. They are small, medium and large across every sector in Australia.
Ben Fordham
What can we do to make life easier for them?
Catherine Sayer, CEO FBA
Well, I think it's one of those things. It's a very under recognised sector, and when you think of the value of being $4.3 trillion, that adds another big tick to being listened to. We've seen in South Australia and Queensland a Small and Family Business Minister, we'd love to see it in every state and territory, and also at a Federal level.
Ben Fordham
I'm just having a look at these numbers, so the global average for a family business is 39 years, so that's how long they last. In Australia, it's longer. It's 47 years, but that's a lot longer than the average small business.
Catherine Sayer, CEO FBA
Yeah, well that's right because family businesses are small, medium and large, and family businesses are long term planners. You know you've got multi-generational family businesses all over Australia. So you know, it's not only small businesses, it is all those businesses that contribute so much to the economy and the community.
Ben Fordham
It's probably harder and more expensive to start one these days.
Catherine Sayer, CEO FBA
Well, that's possibly true as well and yes, you know times are somewhat challenging. But again you look at family businesses and they're here for the long haul. So you know multi-generations and we should be celebrating all those small, medium and large family businesses.
Ben Fordham
We'll give them a shout out right now. Thank you for joining us.
Catherine Sayer, CEO FBA
Thanks Ben.
Ben Fordham
Catherine Sayer, CEO of the Family Business Association. If you run one, if you're part of one, if you know of one, then give us a call and give them a free plug this Friday.
And I'd like to give a free plug to the family business that my brother and my mum are part of, The Fordham Company, which started in the garage at Mum and Dad's house in Frenchy's Forest, and I can still remember when it was a garage. Then one day it wasn't a garage, it was an office, so they filled in the garage. They put in a phone line, so at home, we had the home phone number and then there was another phone line for the office and the worst crime you could ever commit was picking up the office phone and saying 'Hello'.
You'd have to say 'The Fordham Company, Ben speaking, how may I help you?' and we were trained as kids to do that and do the right thing. And then we moved into another house and the family business came with us in the house, it was upstairs. Then I can still remember one day when Mum and Dad said we're moving into the city into a real office, in York Street.
Now my brother runs the company. Mum is still involved, and we're looking at the next generation already and I've had the conversation with my kids and my brother, Nick has got 2 beautiful girls, Maisie and Coco. Coco reckons she wants to run The Fordham Company, and I've said to Freddie, Pearl and Goldie, well, someone needs to give Coco a hand. So I'm hoping that one of my kids gets involved in the business too and keeps it going.
I think about all of the people who've been employed in that very small business over the years. The Fordham Company is not a big business, it's a small business and they manage people for a living. But I'm thinking of all of the people they've employed over so many years giving a job to people giving a start to people and they are just one of thousands around the country.
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Ben Fordham
It's National Family Business Day today where we recognise family businesses around Australia. Clifton says Clarke Real Estate in Revesby is a family business. I've been in business for 70 years, 3 generations, Clifton, Gary and now James and Lucy Clarke. Fabulous family.
John says, this small family business, Millers Building Services specialising in remedial building, father aged 50, son aged 26, we celebrate 25 years this year.
David says, I'd like to shout out my husband's family business, Beca Dairy, started in 1976 when his grandfather migrated to Australia. A wonderful dairy manufacturer based right here in Sydney and we're stocked all over Australia and we are very proud.
