Is there a future for small, family-based businesses in Australia?

Clinton is joined by Barry Urquhart, a business strategist and consumer analyst at Marketing Focus, about whether there is a future for small, family-based businesses in Australia? Mr Urquhart reveals that the majority of Australia's 2.5 million small businesses are family-owned and operated, many of which are micro-sized with five or fewer employees. The COVID lockdowns, coupled with current cost-of-living and business challenges, have severely impacted this sector. Aging business owners face daunting realities: Small business values have declined or disappeared. Retirement plans are postponed. Succession within families is uncertain. Cash-flow problems and squeezed margins have dampened enthusiasm. Technological advances have made many products and services obsolete. Decisions ahead are tough and critical. See omnystudio.com/listener for privacy information.