Family Business

Posted by Bruce - in Blog - No Comments

So you think you’re life will be easier if you go in your family business well then you better get back to the  books. For family businesses might give you access to continue the heritage but access doesn’t lead to success. Here are just a few problems you will face.

(1) RECOGNITION– Unless you add your own profile to the picture you will never feel the recognition others give to your predecessor. This profile will have to be completely different and successful which can be as difficult as starting a business from scratch.

(2) HARD WORK– Your predecessor didn’t get to the level of success that they have by taking time off and with event’s in the business world constantly changing you’re going to have put more time in then if you had started from the beginning.

(3) RECOGNITION TWO– You can truly update and take the business to a whole new level yet don’t expect to receive the recognition others who have done less will feel from society as a whole.

(4) FAMILY– Even the strongest family relationship will be hurt at times as business decisions impact after work activities.

(5) TRUTH– You might have been left with a great business from the outside but inside there are many problems that you will have to fix which will be more complicated as family ego’s are involved.

(6) FAILURE– No matter how long you keep the business running after your predecessor if it eventually closes for any reason it will seep onto your lap that you not only ended a business but your predecessors legacy.

(7) NEVER KNOW– The truth is by committing yourself to the family business many other avenues will be closed and leaving will be harder then ever. Which will have you ponder for life “what if”?

(8) JEALOUSY- Many assumptions will be made about how got where you are without the facts in between and where shoes are not only not worn but truly looked at.

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