A family business can be defined as an interaction with unclear boundaries between two different but related structures, the company and the family( Family Owned Business 2020). Family businesses may involve several family members combinations in different business positions, including husbands and wives, parents and children, extended families, and multiple generations playing the roles of stockholders, board members, working partners, advisors and employees.
When Doing a family business, it can be faced not only the advantages but also the disadvantages. Man or woman who are not doing any business are nothing and their life will be meaningless.
But most of the researchers argued that doing a family business gives more advantages than disadvantages. In life, a man or business can be the complex situation. We can’t expect that we will get only advantages. Working with family, like everything else in life, has its pros and cons. Some of the family business assign their family member to fill the blanket which need in their business.
Weston (2015) argued that from 28.8 million small business in the U.S, 19 percent are owned by the family. In this report, I will talk about the advantages and disadvantages of doing family business as well as what kind of benefits can we get by doing business.
Many of people can get a lot of benefits by doing family business. Moreover, the benefits by doing family business and the benefits by doing business are not the same. When kids are grown in the family business, they learn the skills which are needed for success from the business(7 Advantages of a family business 2019).
One possible advantage of doing a family business that family member may work harder than the salaried employees because the family members who are doing their family business, they have a vested interest in their family business’s growth. In addition, most of the business hire their family member to know the business process and be proficient in their business because when they die or retire from their business, their family member who are hired to be proficient at that business can be expert and have reached the level which can run their business well. So, they do not need to be worried to their business.
The next advantage is that most of the people feel comfortable while working with their family member in stead of working with other people because they do not need to take the time to get to know each other and find out their likes and dislike. This is because each employee is well known. Usually, in a family business, people understand that their individual actions do more than a personal paycheck.Working together with the family members will help to feel at home and allow to associate the workplace with a belonging atmosphere. Therefore, the person who are working with his family is probably receive more help and also will be more easy to ask for help.Family-owned companies also deploy products with a greater consumer presence due to tradition, hard work and craftsmanship. Think about Levi, Gucci, Beretta, Chevrolet, Adidas, Hasbro, Mars. Such businesses ’ popularity can be tied back to their family appeal. Family business also have disadvantages. Although the family company is the world’s most successful type of enterprise, there are also family businesses that struggle because the drawbacks outweigh the advantages.
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