Is there a future for small, family-based businesses in Australia?

Australia Overnight with Clinton Maynard

Clinton is joined by Barry Urquhart, a business strategist and consumer analyst at Marketing Focus, about whether there is a future for small, family-based businesses in Australia?

Mr Urquhart reveals that the majority of Australia's 2.5 million small businesses are family-owned and operated, many of which are micro-sized with five or fewer employees.

The COVID lockdowns, coupled with current cost-of-living and business challenges, have severely impacted this sector. Aging business owners face daunting realities:

• Small business values have declined or disappeared.
• Retirement plans are postponed.
• Succession within families is uncertain.
• Cash-flow problems and squeezed margins have dampened enthusiasm.
• Technological advances have made many products and services obsolete. Decisions ahead are tough and critical.

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