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?

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

to flourish is to run it within the family. In

this

essay, we will assess the advantages and disadvantages of running a family

business

and come to a conclusion. On the one hand, many benefits can be identified.

Firstly

, members of a family who run the

business

get to share the income.

For example

, 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

, if several people from the same family are working in a store, they all get to distribute the income.

Consequently

, the money stays within the family circle.

Secondly

, for ancestors to be able to pass on

this

fortune to their loved ones, means that they are able to trust them .

Similarly

, 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

, the comfort of knowing you won't be deceived will give you more mental stability and peace.

On the other hand

, spending too much time together may cause personal or work-related clashes.

For instance

, some individuals within the family may not agree on certain aspects of the

business

and

hence

fall out. Ultimately,

this

can lead to separation and even claiming their own shares of the

business

.

Next

, 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.

However

, in families , leniency is shown and individuals are let off.

Thus

,

this

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

, to keep these traditions alive, we must address any differences within the family circle as well as keep strict and equal rules for everyone.