Family business is popular in many countries. While some people say that runinng a family business could have successful consequences, others believe and argue that it will lead to some issues in the future.
Many people hold the view that integrity and loyalty are the major contributor for setting or running a family business. They claim that family members will stay together during ups and downs of their business rather than quitting in the non-profitable stage of the business. In addition, the young generation in the family will have a lot of experience about finance and management which leads them to possess a business in the future. Moreover, all people recognise each others, so it would be easier to work in family based business due to collaboration in it. Futhemore, the revenue from the business can be distributed among members according to stipulated terms and conditions.
Conversely, it is argued by some people the family-owned business is not always successful. It is because, some people in the family do not have enough discipline which can even cause bankrupt of the business. In other companies, if an employee does something wrong, he or she will be punished according to their terms, however, families usualy are too lenient with other members. Additionaly, there are too many distribution in the profit which can cause the young generation quit from the business. Plus, they do want to be irresponsible and immature.
To conclude, a family-owned business will thrive for a long period. However, the family that is going to run their own business should ensure that disagreements in the family could appear which should be solved in order to not have a business crisis.