What are advantages of running a family-owned business?

[Good-Person]

There are many people who love to run many different kinds of business. Some people like to run family-owned business due to many different kinds of reasons. However, when it comes to running such kind of business, what are the main advantages?

 

[Matan_z]

So I would start with one of the major advantages which is trust; if your family is involved with the ownership of the business you can fully trust them (a healthy family obviously) and trust isn't a simple thing even after a long time strangers have conflicts surprises and such things aren't good for any business.
Second of all families could do a lot of things for you and listen to you for a change you could simply give them orders, clear instructions and they would do this job for you as a loving family .
Moreover experience is also taking a part you know your family since birth so you know their pros and cons and what to expect.

 

[MrDawn]

I don't think running a business is wise if it's feeding off of you and you can't afford to take care of yourself or your family because of it. A good start is making sure the business is profitable and it's not dragging you under with it.

 

[glitch]

Family owned and controlled means the values in the company will never be changed unless everyone is on board. A lot of smaller companies start out as family-owned and even operated. They tend to be more personal too.

 

[Good-Person]

Family owned and controlled means the values in the company will never be changed unless everyone is on board. A lot of smaller companies start out as family-owned and even operated. They tend to be more personal too.

I think there are many different advantages of running a family-owned business. One of them is backup. You always have your family standing at your end, no matter what. This may also give you a lots of confidence in the end. You may also get support as well.

 

[HK World]

Yes, @Good-Person you're right. People with supportive families are really lucky. Indeed, it's a true blessing, but it only depends on your relationship with your family and their capabilities to understand and handle the business; otherwise, the idea of having a family business could be stressful.

 

[Good-Person]

Yes, @Good-Person you're right. People with supportive families are really lucky. Indeed, it's a true blessing, but it only depends on your relationship with your family and their capabilities to understand and handle the business; otherwise, the idea of having a family business could be stressful.

There are many people who may fail repeatedly. However, still their families may support them. They may still believe in them and I think that this is a really great thing. They think that their children may eventually become successful if they keep supporting them.

 

[Nomad]

Since the business is already established, it will be easier to run it. This is the major advantage of running a family business. You will also have a natural talent to run the business as you have seen your family run the business for a long time. This is another advantafe of running family owned business.

 

[Ja Sa Bong]

If the business is profitable already with family members who are supportive in every resources the business needs, it will be easier to run such a family oriented business. I've not managed such a business yet but I would love to.

 

[Heatman]

There are many people who love to run many different kinds of business. Some people like to run family-owned business due to many different kinds of reasons. However, when it comes to running such kind of business, what are the main advantages?

One of the best advantages of running a family-owned business is that it is an investment that is going to take care of every member of the family especially when the business is operating in a high-level.

There is no member of the family that is going to find it very difficult looking for a job since the family have a company that can be able to absorb all of them.