Pros and Cons of Family Business: From the moment you were born, it was on the way. Now that you have graduated from college and are deserving of your degree, the time has come. Unlike your peers who have a long and difficult road to online applications and job interviews, you already have the perfect position waiting for you. You will go into the family business of course!
If your parents run a family business, there doesn’t seem to be any barrier to entering the family of businesses. After all, not only are jobs hard to find, but there are countless benefits to working for loved ones. However, no job is perfect, especially when your boss turns out to be the same person who changed your diapers when you were a baby.
Pros of Family Business
Long-term planning for generations
When you are a solo entrepreneur, it is very difficult to plan something for future generations, since the intention of every entrepreneur is to make your brand grow over time and that your services or products cover more and more space on the globe.
One of the benefits of family businesses is the fact that the first generation can lay the foundations for the next, as committed as it will be to morality and feelings, to execute the plans already planned, the same or better, taking care of the interests of others. their predecessors.
Long-term planning provides an internal competitive advantage to family businesses, since decisions are made based on future performance. What started as a small business, a long-term plan is aimed at turning it into a larger business.
Positioning in the local market through trust in the family
It may seem a bit bland, but the reality is that when we hear that the work team is a family, we gain more confidence towards it for its traditional values.
In this way it is much easier to reach a greater number of clients motivated by the trust that the family can give.
When you have a company, one of the most difficult points is to transmit the values that you have as an owner to your employees, and many times this task is even more difficult when they have not been raised from home with the same values that led you to be in charge. .
Running a family business also implies a stance of family values in the local market in which it operates.
One of the advantages of family businesses has to do with the values that the team that has been raised under the same image and beliefs will have. We can highlight responsibility, commitment, respect, the need for justice and many others that can make a company stand out from its competition thanks to work ethics. Strong values bring a competitive advantage to companies, since there is an image that is built on them.
Resilience in times of crisis
The commitment that one has with a company that belongs to us is something that cannot be compared with anything else, not even with that of the most loyal employee.
As they always say, the captain is the last to jump ship.
In times of crisis, it is common for a large part of the team to decide to leave in search of better opportunities, and while the owners of the business family fight for their dreams, others simply need their payments.
Among family businesses, desertion becomes much more complicated, so there is a high probability of union and efforts.
Trust in team members
Another advantage of family businesses is that at least the people in important positions are well known, which makes it much easier to entrust them with their tasks and take them into account when making decisions.
Running family businesses depends on having on your team people you have either nurtured and nurtured, or grown up with. The attitude the family members have will be the one that shows how the family business will run.
Cons of Family Business
Many of your colleagues, co-workers and clients may assume that you were hired because you are the boss’s son. Working for parents can create major conflicts. If you keep the lines of communication open and set some clear boundaries early on, you are more likely to survive and succeed even in the family business.
There are many challenges before working for parents. Outsiders will not only accept that you are unqualified for your job, but that one parent will probably embarrass you one day and another parent will embarrass you the next. However, if you keep the lines of communication open and set some clear boundaries early on, you are more likely to survive and succeed even in the family business. However, be sure to weigh all the pros and cons before accepting the job. Here are the disadvantages of family business.
Even if you are the most qualified person for the job, many of your colleagues, co-workers, and clients will assume you were hired because you are the boss’s son.
When people think your accomplishments are just nepotism, they won’t treat you with respect. This can lead to a lot of abuse and hostility in the workplace, which can make things uncomfortable for you and everyone else. Not to mention, it can be a huge blow to your self-esteem.
You grew up with your parents and lived under the same roof for years. So it shouldn’t be a problem to spend every day with them at the office. As many others who have dedicated themselves to their family business will tell you, living with your parents is one thing. Working for them is a whole different ball game.
Working for parents can create major conflicts. Because they know each other well, they may tend to make workplace disagreements personal. Also, when you have emotional connections with your boss, it’s much easier to hurt your feelings at the office. These disagreements can not only lead to family problems, but can be detrimental to the entire company.
There is no escape
Once you decide to get involved in the family business, you may feel trapped. Even if a more promising career opportunity arises, you may feel compelled to stick with the family business. After all, how could you abandon your parents when they spent so many years teaching you in and out of the family business?
If you decide to take another job and leave the business, your family may not respect you. And do you want to bear the wrath of your parents’ single brand of guilt for the rest of your days?
You are emotionally invested
When times are tough and business is slow, you’ll have to watch your parents fight to make it to the end and keep the company afloat. This can emotionally upset and embarrass him.
After all, no parent wants their child to see them in such a weak position. When you work for your parents instead of a large corporation, you take the rise and fall much more personally.
Your thoughts are hurt
Your parents may find it difficult to see you as anything other than their “child,” so they may not value your opinion as much as other employees.
When you bring up new ideas at the office, your parents are more likely to trigger them or ignore you completely. After all, you are her baby. What do you know? This type of rejection can quickly overwhelm you and create feelings of abuse.
Family time = Business time
When you work for your parents, it can start to feel like all you talk about is work. Whenever you get together, whether it’s for Thanksgiving dinner or a birthday party, the conversation can always turn to business.
This can put a lot of pressure on family relationships and you may feel like you are losing the most intimate connection you ever shared with your parents.
Is It Worth It To Run A Family Business, Regardless Of The Pros And Cons?
Like everything in life, there are pros and cons to running a family business.
But the answer to the question will depend on your actual goals as an individual and your personal wishes for your future.
Certainly, statistics show that the companies that have the longest life in our time are those in which family members have been involved since its inception and remain shareholders.
If you’ve created a set of values for yourself, and you don’t have the same mindset as your family, then it’s not a selfish move to go find a job on your own or even start your business.
And also, it will be fine if you are willing to continue running a business that was started by the founders and you are happy with that decision.
What will make the decision worthwhile is whether the decision to work in a family business comes from sincere and honest work.
Working or developing a business can become a stone on the back if the person does not enjoy the work and does it from the perspective of “it’s what my family has done for years.”
Family conflicts may appear, and family members may not always agree with your ideas, so it is important to weigh the pros and cons to help you make decisions for a better future with a long-term business. period of success.