Family Business

Business Tips, Ideas & Support Articles

When business and family mix
Advisory

When Business and Family Mix: How to Protect Both

Family business protection is something many family-owned businesses overlook…until it’s too late. Running a family business doesn’t just affect your bottom line; it impacts your family’s future, too. Every decision you make ripples through both your business and your personal life. It’s not just your career on the line – it’s your family’s livelihood, security, and future tied up in every decision you make. The wins feel bigger. The risks feel heavier. And the line between “business” and “personal” often feels blurry (if not invisible). At Inline Partners, we’ve worked with hundreds of family-owned businesses over the years, and one thing’s

Accounting

Protecting a Legacy: The Challenges of Passing on the Family Business

When it comes to mixing family and business, there are two schools of thought. Firstly, it’s a bad idea as it will affect your ability to make rational decisions and force you to not always put ‘what’s best for the business’ first. Secondly, with it becoming increasingly difficult to find staff, employing family members is a great idea as they will be loyal and also personally invested in the success of the business. Obviously, there are a range of variables that will affect your perspective on this (such as whether your family members have a strong work ethic) but family businesses,

Hidden cost of remote work
Accounting

What’s in the October 2022 Federal Budget?

The Federal Budget announced on Tuesday night was the second for 2022, and represents the new Government drawing a line under the previous government’s policies. The Budget itself did not present many substantial reforms or initiatives.

Small business owners - time's running out for Director IDs
Advisory

Time’s Running Out on Director IDs

If you were a Director before 31 October 2021, you have until 30 November to apply for your Director ID. Time’s running out. And if you’re becoming a Director, you need an ID before you’re appointed.

Family Business
Family Business

How Financial Advice can help your family business grow & succeed

Financial Advice will help your family business grow   Many of Australia’s most successful small to medium-sized businesses are family-owned and run. In fact, family businesses represent 67 percent of all Australian businesses. Most family business owners share similar goals and ambitions – to grow, expand and make the business a long-term success so they can potentially pass it onto the next generation of their family. Research from NAB shows that about a quarter of businesses don’t believe they have adequate levels of financial literacy to run their business. This is why many business owners look to their accountant for help