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

#people #business
Many companies today are owned and managed by more than one member of the same family. There are obvious advantages to
this
 type of
business
 managements, including possessing common values and loyalty.
However
, it is quite common that family-run businesses often suffer from lack of expertise and favouritism. One evident benefit of family-run enterprise is that family members often have shared values.
In other words
, family members are likely to share the same ethos and beliefs on how things should be done.
This
 gives a
business
 an extra sense of purpose and pride, which can be considered a competitive edge for a company. IKEA, Dr. August Oetker, Ford Motor Company and Wal-Mart are all examples of successful family-owned businesses, all employees of which are committed to their company values and are willing to build a long-lasting enterprise.
Moreover
, loyalty is
also
 a benefit which can be attributed to family-run companies. Strong personal bonds mean that people are likely to stick together in hard times and show the determination needed for
business
 success. During the 2008 global family-owned firms were the ones to sustain the least losses regarding financial matters.
Nonetheless
, running a family company, has obvious disadvantages.
Firstly
,
such
 companies may suffer from lack of skills or experience. So, some family businesses may appoint somebody into roles for which they are not exported enough or have no training and skills for.
This
 can have a negative effect on the success of the
business
 and lead to a stressful working environment.
Additionally
, it is hard to be objective when choosing to promote an employee, regardless whether they are a member of your family or not. Family-owned companies oftentimes show favouritism towards a relative
instead
 of promoting the best worker. It is important to make
business
 decisions for
business
 reasons, rather than personal ones, but
this
 can sometimes be difficult if family members are involved. In conclusion, today there are numerous companies that are owned and run by a member of one family. While
such
 businesses have benefits, including motivation and loyalty, there are
also
 major drawbacks,
such
 as unqualified staff and in-group bias.

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