Some people think that the best way to run a business is within the family. What are the advantages and disadvantages of a family run business?

It is often argued that the best way to run a business is within the family.

However

, I strongly believe that

its

it is

it's

not true as family run businesses have their own merits and demerits. The advantages and disadvantages of family run business are in the following paragraphs.

First

of all, the best thing about these businesses is that you always have someone or the other as a support for yourself. They guide you and help you in increasing your competencies because of the relevant work experience which they have and family members always act like mentors and help you out. The obvious reason behind

this

is the sense of belongingness and the attachment one has with his/her family.

For instance

, India's richest

man Mukesh

Accept comma addition

man, Mukesh

Ambani guided and trained his children, so that they can take over his empire in the upcoming future.

Therefore

, having experienced

personels

group of people willing to obey orders

personnel

persons

as teachers or relatives is quite helpful in the long run.

Secondly

, some of the worst case scenarios could be ego clashes, differences in opinion with respect to age, not taking the young ones too seriously. There can be issues for several reasons, one might not take the younger ones too seriously because of the professional work experience he/she has. There can be different opinions of people of different ages and sometimes fights may take place when your ideology does not match.

For example

, the

seperation

the state of lacking unity

separation

of the Ambani brothers in 2002 after the death of their father.

Hence

,

such

situations are seen very often and these are extremely difficult to avoid and they can only be ignored if there is decent understanding between the members. To recapitulate, I reckon the disadvantages overshadows the advantages of family run business.