Why it is not ideal to run family business

[Chibson]

The so called successful family businesses you are talking about is just like a person sitting on top of dynamite. The problem might not manifest now but in future. Go to courts, you will notice series of litigations instituted by family members over property inheritance sharing formulas which some stakeholders considered injustice.

That is for families that are not well organised. If you say well organised family businesses they are always very much successful..

 

[Shavkat]

I also do not like the idea of having a family business. It might destroy the family ties just because of money or business related issues. It is better to have their own respective businesses instead.

 

[uptrendfinancialsignal]

The interference of the family members on the management of the business could be tiring but I don't see anything wrong in getting involved in a family business.

 

[Stardom22]

For me I would contribute in this way; It's very ideally to run the family business. What it must be done is the laid down of proper procedures and management policies that would govern the business. With that being said I have seen so many successful family businesses all over the world.

 

[astutimeliana723]

That's right I totally agree with you. Sometimes business and money issues can destroy family relationships, unless they are trustworthy and well compromised. I think it's better to work individually.

 

[Chibson]

Anybody who wants to run a family business must make sure that there is peace and harmony among the family members. If there is no peace and harmony it can actually break their ties.

 

[eldavis]

The truth of the matter is that there are cases where this has actually worked. I have seen a family go into partnership and they are doing pretty much well, while in most cases it does not really work as planned.

 

[fcbetting]

My family never had business but if I have it,. it must be defined chain of command. You can't have multiple bosses. You can if you have separate divisons but at top must be just one man.

 

[King Belieal]

Family businesses always comes with lots of concessions that you might have to make for the sake of the family members. You won't be able to run it efficiently that way.

 

[SHAHID987]

Whether it remain ideal or not but some people run there family business. Nearby so many milk shops are running by young boys and there father's hardly sit there. But in my view if someone not interested in it then we mustn't put pressure on them.