Ageing owners and the significance of family business closures - towards a better understanding of the likely impact of family business closures in Australia

Abstract

The family business sector in Australia is a highly significant yet relatively under-researched sector of business. Despite the large size and significant contribution of the family business sector to Australia, little is known about the specific impacts of family business closures on families, the economy and the community. Australia is poised to experience a rapid acceleration in the number of family business seeking to transfer over the next ten years as the baby boom generation of family business owners approach retirement. In this context this paper focuses attention on what the likely range of socio-economic impacts of family business closures are likely to be.