Foundations for Success in Family Business: Insights from Matthew Bartemucci

In a recent Small Business Talks segment hosted by the Government of South Australia, the Family Business Association (FBA) CEO Catherine Sayer sat down with Family Business Accredited Advisors Matthew Bartemucci from Hood Sweeney and Annette Bonnett from Rubix Advisory. The conversation explored the unique challenges and opportunities facing family businesses today. Here, we highlight key insights from Matthew Bartemucci on what it takes to build a resilient, successful family business.

Balancing Business and Family

Matthew noted that while family businesses face many of the same challenges as other businesses, rising costs, talent shortages, and shifting demand, they also navigate the added complexity of family dynamics.

“They’re not immune to the pressures of business confidence and cash flow,” he said, “but they also have to manage relationships and expectations within the family.”

Despite these challenges, strong family values remain a cornerstone of success. “When businesses articulate who they are and what they stand for, they get buy-in from both employees and customers,” Matthew explained. “People want to support local, family-run businesses - they trust them.”

The Power of Governance and Planning

As family businesses grow and evolve, governance becomes critical, especially when the next generation or extended family members become involved. Matthew emphasised the importance of laying clear foundations early. “When cousins start entering the business, things can get complex. Having policies and documentation in place helps everyone understand their path forward.”

He also highlighted the value of requiring family members to gain external experience before joining the business. “It’s not just about waiting for a role to open up. Some families require members to apply for roles on merit, which builds credibility and trust with non-family employees.”

Succession: Start Sooner Than You Think

Succession planning is one of the most significant, and often neglected, areas in family business. “You’ve got to plan early,” Matthew stressed. “Five to ten years out is ideal. If you don’t, you risk confusion, disengagement, and missed opportunities.”

He shared a cautionary tale of a business where succession was continually delayed. “The owner kept saying, ‘I’ll get to it,’ but never did. Then a tragedy occurred, and the family was left scrambling with outdated documents and no clear direction.”

The key, according to Matthew, is to engage the next generation, understand their goals, and document everything. “It doesn’t have to be overly corporate, but having a plan, something you can refer back to, makes all the difference.”

Building a Supportive Community

Matthew also encouraged family businesses to connect with networks like the Family Business Association and the Office for Small and Family Business. “You’re not alone. Whether you’re a large or small family business, the challenges are often the same. These networks provide invaluable support, education, and a sense of community.”

Final Takeaway

When asked for his top piece of advice, Matthew didn’t hesitate: “Plan early. Start thinking about succession and governance well before you think you need to. Give yourself a runway, five years or more, to get it right.”

Want to hear the full conversation?
📺 Watch the full interview and read the complete transcript here.