Some experts believe that the best way for a business to succeed is when it is run within the family. Studies suggest that 60% of the businesses which are run within the family are bound to succeed .In this essay we will look into the advantages and drawbacks of running a business with the family.
In that case, business started within the family has a major advantage because of the natural bond and chemistry between the members of the family.For instance, One of the fastest growing fast-food chains “McDonalds” was started by two brothers in their late 30’s . They came up with a solution called the “speedy delivery system” where the food was delicious and the customers didn’t even have to wait for their food for a long period of time. They achieved success in their fast food restaurants because one of them was a professional chef and the other was an erudite architect. They trusted each other and came up with different solutions for quality food prepared in less time that any other fast-food chains cannot , Because of their idea and trust in each other the business soared up into the sky and became the number one fast-food chain in history.
On the contrary, There are also few drawbacks in starting a business with family . One of the major drawbacks in family business is if there is tension between the family this could severely affect the business which would eventually result in the downfall of the business and also relations with the family members. If the company is going through a tough time this could also impact on the bond and chemistry of the family members.
To sum up , though many people suggest that family and business should never interfere with each other as it would lead to their downfall . Many businesses have shown prominent results that suggest that the best way to run a business is with the family.