In the heart of every thriving community lies a network of small businesses, the lifeblood of local economies.
These enterprises, often family-owned and deeply rooted in their communities, play a vital role in shaping the local landscape. Yet, as the torch passes from one generation to the next, many small businesses face the daunting challenge of succession planning.
Ensuring a seamless transition is not only essential for the survival of the business but also for the prosperity of the community it serves.
Australia boasts a vibrant small business sector, contributing significantly to the nation’s economy.
According to recent data from the Australian Bureau of Statistics, small businesses make up 97 per cent of all Australian businesses, employing nearly 44 per cent of the country’s workforce. This underscores the pivotal role these enterprises play in the socio-economic fabric of the nation.
Transitioning a business to new leadership poses unique challenges. Family dynamics, financial complexities and emotional attachments often complicate the process. But the repercussions of inadequate planning can be dire, leading to business closures, job losses and a weakened community ecosystem.
A shining example of succession planning can be found here on the Redlands Coast. Gisler’s Pies has been a staple of the Redlands Coast economy for more than 47 years, having opened in 1976.
Anticipating the need for a seamless transition, the family invested in mentoring programs for the younger generation, imparting not only baking skills but also business acumen to the next generations within their family.
This proactive approach has led to an amazing opportunity of business growth to multiple outlets now in Brisbane, as well as preserving the bakery’s legacy and enhancing community ties.
Succession planning offers a robust solution to these challenges. By preparing for the future, small businesses can ensure a smooth transition, maintaining operational efficiency and community support.
Engaging with professional advisors, implementing mentorship programs, and documenting business processes are key steps in this journey.
Our very own Redlands Regional Jobs Committee, supported and funded by the Queensland Government and run in conjunction with the Redlands Coast Chamber of Commerce have been working hard to bring you a complete list of resources and training providers to enhance your business performance and begin your business succession planning.
So, for more information about business succession planning including government resources and some short courses, visit redlandscoastchamber.org.au/rrjc-resources (and scroll to the business succession planning section).