Taking over the Family Business

418 Words2 Pages
Taking over the family business A family business is a commercial project in which family members are involved. A family business can include many possible combinations, such as parents and children or husbands and wives for example. There are some benefits associated with a family business, but there are also some disadvantages associated with undertaking a business venture with your family. What’s great and what’s bad with being a part of - or taking over a family business? Pros: I can imagine that there is none better place to put time and effort into your own business, or in this case the family business. In a family business you got the feelings of comfort, trust, commitment, appreciation and someone having your back, that will easier the pressure from your side to succeed. Prior knowledge of your co-workers strengths, weaknesses and temperament. And of course flexibility and understanding about work-life balance. Example: your mother/father/brother/sister will likely cover up for you, so you can leave earlier if you have to - if you got sick, or whatever reason. Cons: In a family business, business owners may sometimes automatically promote family members or give them a job even if they do not have suitable skills for the position. Just because the person is a family member does not mean he will be the best suited to be given a job. A company that hires only relatives may end up having some bad decisions on their neck. Sometimes skill and work experience may be ill-treated. Pressure – in often way from the older generation of the company. I don’t think it matters if the business was, or even has been successful in earlier days. - Because the previous owner in a family business always expects great deeds from the person who now, is in charge. Conflicts – It will probably happen all the time. Family is family, we will always fight each other’s throat

More about Taking over the Family Business

Open Document