Cinthya
I have had relationship with some family business and I just found more disavantages than advantages in there. If you want your family business takes off you have to separete business of personals issues. When most a family is involved, this is almost impossible because can exist huge problems that affect the increasing of the business. Also, it very importat to understand that incomes or utilities obteined should be to invest them on the business. It is very common that members of the family put their hands to take money of the business to personal expesens affecting the activities or its evolution. Another very common desventage is where we called "juniors" in my place. Frecuently the children take an important roll in the family business, many time with no knowledge. So, they just affect the business with their wrong decisions, their bad actitude, their inefficient job, etc. However, all that doen't mean everything is negative, there are many family business that have taken off with a good organization between the members of the family involved. I think if you open a family business you have to stablish rules, mutual objetives, assigning agreed work and if it is possible, formalize the relationship with contracts. #HelpMeCorrect
Sep 23, 2021 4:12 PM
Corrections · 5
I’ve done business with family and I found more disavantages than advantages. If you want your family business to take off you have to separete business from personal issues. When most of a family is involved, this is almost impossible. Because huge problems can exist that affect the performance of the business. Also, it very important to understand that incomes or utilities obtained, should be invested in the business. It is very common that members of the family take money from the business to use for personal expenses, affecting the activities of the business or its evolution. Another very common disadvantage is what we called "juniors" in my place. Frequently the children take an important role in the family business. Many times with no knowledge. So, they affect the business with their poor decisions, their bad actitude, their inefficiency, etc. However, that doen't mean everything is negative. There are many family businesses that have succeeded with good organization between the members of the family involved. I think if you open a family business you have to establish rules and mutual objectives, assign work as agreed, and if it is possible, formalize the relationship with contracts. #HelpMeCorrect
Sep 23, 2021 4:59 PM
I had a relationship with a family business and found there more disadvantages than advantages. If you want your family business to take off, you need to keep personal business separate from business. When the bulk of the family is involved, it is almost impossible as there can be huge problems that affect the growth of the business. In addition, it is very important to understand that the income or profits generated are intended to be invested in the company. It is very common for family members to use their hands to carry money out of business towards personal expenses that affect the activities or their development. Another very common percentage is what we call "Juniors" instead. Children often play an important role in the family business, often unconsciously.So they only influence the business with their wrong decisions, bad attitudes, inefficient work, etc. However, all of this does not mean that everything is negative, there are many family businesses that have pulled off with good organization among the members. the affected family. I think when you start a family business you need to set rules and common goals, assign agreed work and, if possible, formalize the relationship with contracts.
Sep 23, 2021 4:26 PM
Want to progress faster?
Join this learning community and try out free exercises!
Cinthya
Language Skills
English, French, Italian, Spanish
Learning Language
English, French, Italian