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?

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A company's growth is often determined by the value added by its stakeholders. Many owners in the
trade
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community strongly agree that the contribution of family members is the most effective element in running a
business
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successfully. While
this
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viewpoint has various positive aspects to it, there are a number of disadvantages as well. To cite one of the cogent advantages is that organisations with
trade
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secrets are not prone to outside threats, if the key knowledge remains within the family members. Not only does
this
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help safeguard the age-old secret sauce, but
also
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helps in maintaining a competitive edge.
For instance
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, the recipe for KFC Chicken lies solely with a few stakeholders of the family. Another advantage of having closely knit relatives in a
business
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, is the factor of trust, especially when it involves highly-valued assets. To illustrate with an example, the diamond
trade
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business
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communities in Gujarat, India, are extremely wary of outside employees.
As a result
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, their precious stones assets are held in the custody of only the family members.
Therefore
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, businesses where the assets or
trade
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secrets have a massive economical value, are often well-run by family alone.
On the other hand
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, factors
such
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as low market reach and slow adaptation to current technology and trends contribute to growth impediments for a family-run
business
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. While the ultimate
business
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owners will be adept in their
trade
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, hiring external professionals with a plethora of relevant experience can bring additional advantages.
Moreover
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, these professionals, especially in the marketing and technology fields can take the
business
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to new heights. Having worked in other companies, these professionals bring in the current trend and can add to the growth of the organisation. Had the
business
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been run only by a handful of relatives, it would be extremely difficult to expand it in various regions or parts of the world.
Additionally
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, with added levels of technology, the
business
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can cater to different segments and
hence
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, bring in more revenue. A clear example of
this
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is any big conglomerate which,
although
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, started as a family-run
business
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, reached great heights as many external stakeholders joined hands in the running of
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business
Suggestion
the business
a business
. To conclude, it is fair to state that the success of a
business
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depends on the importance of its
trade
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secrets/ assets. If these hold a higher economic value, it pays to have close-knit family members guard it.
However
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, if one wants to expand, it is imperative that external professionals be hired as well.
Submitted by RS on

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Word Count

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Aim for between 260 to 290 words in writing task 2. This will ensure a concise essay and will be realistic in terms of time management. You have only 40 minutes to write the essay and you need around 10 minutes of planning time, so you will not be able to write a long essay in 30 minutes.

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Topic Vocabulary:
  • loyalty
  • trust
  • communication
  • generational knowledge
  • long-term outlook
  • family traditions
  • stability
  • cost-effective
  • flexible payment arrangements
  • conflict
  • tensions
  • roles
  • diversity
  • external perspectives
  • innovation
  • adaptation
  • succession planning
  • instability
  • leadership
  • ownership
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