Interesting Statistics to get you thinking

Did you know: 37% of local family businesses have a formal board of directors.

Those that do - according to a survey from KPMG, Family Business Australia and Deakin University - are more likely to do better throughout economic uncertainty.

And a few more stats for you - 16% have formal shareholder meetings; 4% have formal constitutions; and only 9% have performance reviews for family members.

Last of all... 97% of these businesses have a male chairman. I find this statistic most interesting of all! Of the family businesses you know, how many have female chairpeople? Do you think this statistic is accurate?!

Courtesy of BRW - August 14-20, page 14.