When the Books Close
- Robert Carson
- Jul 2
- 3 min read
Updated: Sep 2
Why EOFY is the moment Family Businesses Make their Biggest Calls
There is something about the end of financial year in Australia that brings a certain energy. You can feel it in the air as June winds down and the pace picks up. The paperwork piles up and suddenly everyone is talking about numbers. For family businesses though, the end to the financial year is much more than just a date on the calendar or a stack of invoices waiting to be reconciled. It is a time when the conversations shift from what happened last quarter to what comes next, not just for the business, but for the family running it.
I have sat at many kitchen tables and boardroom tables alike, watching as families wrestle with the big questions this time of year tends to bring. EOFY is when the reality of the past year lands with a thud, and you cannot help but look ahead. Perhaps the business has had a cracking year and you are riding high, or maybe it has been a slog and you are feeling every bump in the road. Either way, this is the time when families start to ask themselves: can we keep pushing on, or is it time to think about passing the torch?
There is a certain honesty that comes out at EOFY. A fantastic year and it is a chance to celebrate and reflect on what your family and employees have built together. However this reflection can, at times, nudge one to consider if the business is still serving the family as well as it could. I have seen families who, after years of hard work, realise that selling while the business is strong could open doors for everyone. I have also seen those who, after a tough year, decide that a fresh start is what is needed most.
It is never just about the money, though. Family businesses are built on stories, traditions, and a sense of responsibility that goes well beyond the bottom line. The decision to sell or transition is wrapped up in all sorts of emotions-pride, fear, hope, and guilt. There is the legacy to think about, the people you employ, and the reputation you have built in your community. These are not things you can measure on a spreadsheet, but they matter just as much.
What makes EOFY such a powerful trigger for these decisions is that it brings everything into focus. You have the numbers in front of you, the market conditions are clearer, and the family is often together, at least in spirit if not in person. This is when the conversations get real. Do we have the energy for another year, or is it time to let someone else take the reins? Is the next generation ready or even want to lead the family business into the future,, or does it make more sense to look outside the family for leadership?
Planning for a transition is not something you can rush. The best outcomes I have seen come from families who start thinking about these questions years in advance on this one arbitrary date. They take the time to get their house in order, to talk openly about what everyone wants, and to make sure the business is in the best possible shape for whatever comes next.
Of course, EOFY is still about the practical stuff too. Clearing inventory, managing cash flow, and making sure you have met your targets are all part of the process. But for family businesses, these tasks are signals that feed into the bigger picture, helping to make a decisions whether to keep building or to start planning your exit.
What I love most about this time of year is the way it brings families together, even when the conversations are tough. There is a sense of shared purpose, a recognition that you are all in this together. Whether you decide to keep the business in the family, sell to a trusted employee, or look for a buyer outside, the most important thing is that you make the decision with open eyes and open hearts.
As we step into a new financial year, the choices made now will shape not just the business, but the family’s future for years to come. EOFY is not just a deadline-it is a turning point, a moment to reflect, regroup, and decide what matters most.
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