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

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Businesses come in many shapes and forms. While some start in a garage , other multimillionaire companies are passed on through many generations. Clearly , some believe that the best way to cause a
business
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to flourish is to run it within the family. In
this
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essay, we will assess the advantages and disadvantages of running a family
business
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and come to a conclusion. On the one hand, many benefits can be identified.
Firstly
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, members of a family who run the
business
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get to share the income.
For example
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, we often see stores running since the early 90s, that have been passed on for generations. In turn, the income is handed over to the descendants.
Likewise
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, if several people from the same family are working in a store, they all get to distribute the income.
Consequently
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, the money stays within the family circle.
Secondly
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, for ancestors to be able to pass on
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fortune to their loved ones, means that they are able to trust them .
Similarly
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, those that work together as a group, have trust in each other as they are aware of each person's strengths and weaknesses.
As a result
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, the comfort of knowing you won't be deceived will give you more mental stability and peace.
On the other hand
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, spending too much time together may cause personal or work-related clashes.
For instance
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, some individuals within the family may not agree on certain aspects of the
business
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and
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fall out. Ultimately,
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can lead to separation and even claiming their own shares of the
business
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.
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, due to close relations , there may be too much leniency shown to one another. To illustrate, if there was a worker who was not related, and if they violated a code, he or she would be strictly disciplined.
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, in families , leniency is shown and individuals are let off.
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,
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leniency could mean that family members may be less pressured to perform. To conclude, family-led businesses are very popular especially, among older generations. Importantly, without a doubt they allow family virtues and traditions to be passed on.
Therefore
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, to keep these traditions alive, we must address any differences within the family circle as well as keep strict and equal rules for everyone.
Submitted by tibsr on

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