Owning your own business is an exciting, stressful, rewarding, and tedious job all at once.
One of the most stressful aspects of having your own business, whether you are just starting out or have had it for years, is all of the decisions you are going to have to make.
One of the biggest, and toughest, decisions that is bound to pop up at some point or another is whether you want to expand out, or keep the business within the family.
Often people think that in order to succeed in their business ventures they need to expand past what their own family can offer or provide for the business, but that is not necessarily true. It does not always take big corporate businessmen and fancy partnerships to make a business successful.
Don’t believe us? Take a look below at some of the amazing advantages a family business has to offer.
Why Keep It In The Family
The following are only a few of the advantages that a family-run business can offer.
Stability and Long Term Outlook
Family run businesses tend to have more longevity in leadership positions, as those in leadership positions typically remain in such until a life event such as retirement, illness, or death calls for change.
Even when change does occur, it is typically a change that has already been taken into account and there is already a plan in place. Family run businesses most often have clear lines of succession, in order to keep the business in the family.
Family members are often willing to work for lower wages than what they would expect elsewhere, and will even use their personal, unpaid time to complete tasks required to help the business succeed.
An employee who were not part of the family would be more likely to charge over-time for staying late, may expect raises or bonuses, and would be unlikely to run errands or go above and beyond their job description without compensation.
Naturally, families are made up of a number of generations. Having 20 year olds, 40 year olds, and even 70 year olds contributing their input, ideas, and skills to the business can provide a competitive edge against companies that are lacking this variety.
Each generation has something special to offer, whether it be experience, wisdom, hands on skills, business sense, organizational skills, or just knowledge on current events.
This is especially true of the younger generations, which are able to keep their parents, aunts and uncles, or even grandparents (whomever it is running the business), up to date with the current technological and societal trends, which can be a huge benefit to the business (Case in point Edmonton’s highly successful Romaniuk Heating & Air Conditioning).
Families Do It Better
Either way you choose to run your business there will be both advantages and disadvantages to deal with. To make the decision you must consider all aspects and take into consideration which ones are most important to you.