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Rebecca McCrackan & Cherie VanWensveen
Fourteen enterprises received a funding boost at the launch ofthe 2012 WA Innovator of the Year Awards, but it was Whisperthe cockatoo that stole the show, posing with science andinnovation minister John Day, Mitsubishi Australia generalmanager of business development David Lake and owner JohnChamberlain of Cocky Smart, inventor of an organic sheepflystrike repellent. PICTURES JOHN KOH
WA INNOVATOR OF THEYEAR AWARDS LAUNCH
John Chamberlain, John Day & David Lake with
Whisper the cockatoo
Paul Kristensen, Stephen Carroll, Susannah Carr & Phil Kemp
Sam Birmingham& Brodie
McCulloch
Leearne Hinch, Liddy McCall &Sheryl Frame
Daniela Mattheys & Tim Sawyer
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Family businesses make up 70 percent of all businesses in Australiaand considerable research hasbeen undertaken into what makesthem different to theircounterparts in the publiccompany arena.
In researching this issue JohnL. Ward from the LoyolaUniversity of Chicago recalls thetime when a man’s word was hisbond.
He refers to a time when
business was done on ahandshake, on trust. A time whenbusiness was based onrelationships, often familyrelationships. “I knew your father.I knew your grandfather.” Thesestatements meant: “I know yourvalues, your background and howimportant your reputation is toyou, so I know I can trust you andI am comfortable doing businesswith you.”
With ever-increasingcompetitive pressures, lowmargins, rapidly changingmarkets and technology and theemergence of bigger, morebureaucratic companies, there isan increasing appetite for working
relationships based on trust,reliability, and long-termorientations.
Because family businesses oftenfoster these values, they are seenas desirable business partners.Therefore, if we identify one of thekey differences between corporatebusinesses and family firms asbeing the ability for consumers tobuild a trusting relationship withthe “name above the door” thenwe can realise why many familyfirms are returning to promotingthemselves as family-owned andoperating with family values.
Of course, it is not enough justto rely on your family name orgood reputation. Like their public
company counterparts,family businesses need tobe competitive in thebusiness arena on price,quality and service. Familybusinesses also need to be
run as professionally as possibleand not as a mum-and-dadoperation.
External influences areessential to ensure that decisionsare made in the best interest of thebusiness and not necessarily thefamily.
Management of the highestcalibre that the business canafford should be employed toensure the business operates at itsoptimum to ensure thecompetitive advantage mentionedearlier can be capitalised on.
Many challenges exist on thepath to professionalising a familybusiness, such as resistance tochange.
The first generation that startedand built up a business growsaccustomed to doing things oneway — their way. Along comes thesecond or third generation, quiteoften with university
qualifications and/or externalwork experience.
This new generation can seethat certain things could bemodernised or done differentlyand this is often met withresistance.
Professor Ward, who will be thekeynote speaker at the NationalFamily Business Australiaconference later this year,summarised his findingssuccinctly when he said: “With thereputation of your family on theline, with your personal integritybehind every handshake, and withthe economic future of your heirsat stake, owning a family businessis not only a significantresponsibility but also anopportunity for an increasinglyvaluable competitive advantage.”
When reputation is relatively important FAMILY BUSINESS BRIEFING
■ Andrew Mostyn
.................................................................................■ Andrew Mostyn is WA chairman of
Family Business Australia
WA FAMILY BUSINESSSTATE CONFERENCE
Kim, Margaret, Mark & Graeme Yukich
Jane Newbound & Elizabeth Newbound
Lyndel Quinn-Schofield, Ross Nunn &Clayton Quinn-Schofield
Petta, John & Samantha Libby
Simon Bedbrook, Maria Kailis, Lee Reed,& Lorraine Willis
Jodie Curtis, Emma Chinnery,Sophie Tedeschi & Lauren Aveling
Oakover Wines in the Swan Valley, ownedby the Yukich family, was the setting forFamily Business Australia’s annual WAState conference. About 85 peoplegathered including family members fromthe Bett’s Group and Kailis Group.
PICTURES GERALD MOSCARDA
THE EXCHANGEHave you been photographed?Visit thewest.com.au/businessTo order prints, phone PressPhotos on 9482 2378. To tell us about an event, emailbusiness@wanews.com.au
6 WEST BUSINESS thewest.com.au Wednesday, May 9, 2012
Tim Jones, Mark Pullen & Rob Davis
Shawn Ryan& Glen Ryan
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