Latest modelling from the University of Adelaide, released on ³Ô¹ÏÍøÕ¾ Family Business Day today, has highlighted the importance of family businesses to the nation.
Brett and Greg Miller along with their mother Jan and cousin Belinda.
The University of Adelaide’s Dr Chris Graves, Head of Family Business Education and Research Group, Adelaide Business School, said family businesses comprise between 60 and 70 per cent of the private sector in Australia.
“According to our modelling, Australian family businesses employ around 52 per cent of the entire private sector workforce (6.7 million Australians) and provide nearly 50 per cent of Industry Value Added to the national economy,” he said.
“The majority of businesses are owned and operated by families. This fact has largely been overlooked because policy makers have traditionally classified business enterprises in terms of size – big versus small – or ownership – public versus private.
“Although many Australian family businesses have successfully become very large like the Detmold Group, over 90 per cent are small-to-medium enterprises employing between five and 200 people.”
While family businesses have a visible effect on an economic level, they also contribute to their communities in a variety of ways.
“They contribute around AU$1billion each year to educational support and poverty alleviation for those most disadvantaged, as well as scientific research, technological advancements, arts, and health-oriented philanthropic activities,” said Dr Graves.
Brothers and University of Adelaide alumni Greg and Brett Miller founded the Miller Dental Group in 2011, which delivers more than three per cent of dental services across South Australia.
“For as long as I can remember, Greg wanted to be a dentist to provide care to people and I joined because I shared his passion for helping people and his drive to give back, in particular by supporting the delivery of local dental care for community members who need it most – like people in the aged care sector,” said Mr Miller.
Brett Miller with his daughter Isabelle. Miller’s Australian Dental Foundation (ADF) is one of the Yellow Brick Road stops, where they give free ADF-branded toothbrushes.
The Millers now have a strong team, which also features their mother and two cousins, which helps improve dental outcomes in the state.
“We also co-founded the Australian Dental Foundation, now Australia’s largest dental charity that currently delivers services to more than 30,000 patients per year, which the family is most proud about,” said Mr Miller.
“Being a family business has allowed us to follow pathways that would have never made sense in a corporate system, like establishing the Foundation, or the ongoing support we have directed to worthwhile causes like Zoos SA animal health centre and the Festival Centre Foundation.”
Dr Graves and researchers from the University’s Adelaide Business and Law Schools are now planning to make sure family businesses can thrive.
“One of the hindrances to a vibrant small and family business sector is the burden of business regulation, which is growing in breadth and complexity and has a disproportionate effect on small- and family-run firms because of their size.
“Further research on the impact of the cost of compliance on the small- and family-business sector is required so that areas for policy change to energise the sector can be identified.
“Through its strategic partnership with the Family Business Association, the University of Adelaide Business School provides educational programs and thought-leading research to advance the growth and performance of the family business field.”
