Family and business?

[btaliat]

I may agree with you but still there are some people that are doing fine doing business with family. It all depends on the level of understanding before venturing into such a situation. If there is cordial relationship between the family and the business is seen as family heritages and not personalized, it will reduce the feud.

 

[Psalmsavatar]

It’s pretty clear that you can’t run a business like a family, and you certainly can’t run a family like a business. So when family members work for you, it can get very complicated. Family relationships are based upon unconditional love and acceptance. Business is all about performance and accountability. So how do you hold your family members accountable to performance without getting it confused with love? How do you demote or fire a family member without destroying your family? It is naïve to think that your company’s employee handbook will be sufficient for these complicated issues.

 

[Mahnoor]

A family business is a commercial organization in which decision-making is influenced by multiple generations of a family, related by blood or marriage or adoption, who has both the ability to influence the vision of the business and the willingness to use this ability to pursue distinctive goals.[1][2] They are closely identified with the firm through leadership or ownership. Owner-manager entrepreneurial firms are not considered to be family businesses because they lack the multi-generational dimension and family influence that create the unique dynamics and relationships of family businesses.

 

[Shayo]

Argument and fights is very normal in a family, you fight and you settle. Even without being partners or coworkers in the same place, misunderstanding may still happen.
In a family business, understanding and tolerance is very important to ensure peace.

 

[Shahzad Ahmad]

I think family and business are mixed up in those case when all members are be confident and trust on each other. If they have fully trusted on each other, then this business will be proof as profitable for them very much because they are well known each other, their business would not be required much time to set-up. They will overcome on all situations bad or good either loss or gain.

 

[Philip Omotayo]

Family and business is an issue. The two can't go together. Having a family member most time has an undertoning factors that could be negative and positive. One of the positive factors is that family helps in building security around the business. Also, financial impact of the member. Howver, the negative impact is that most family members could lazy and other discriminating against other employees who are not a family member.

 

[Folaham]

I've heard that starting or doing business with a family member or relative, can create many legal problems as well as relationship issues. For example, a father letting out a house to his son could be problematic if the son chooses not to pay the rental costs. This ultimately means an eviction will occur sooner rather than later. Another scenario would be a family restaurant, where the father is the owner and the son is a general manager. What happens when they both get into an argument, on a personal level? This is why I think business and family don't mix.

Share your thoughts and personal experiences below.

Family and business should be separated at all cost.
My little experience was when my step mom had to go to my dad's farmland without his consent to harvest some farm produce for herself as at the time she had divorced my dad. He couldn't do anything because of the love he had for my step brothers and had to let it go

 

[Profwriter]

Family business doesn't not work very fine amongst many people because of lack of understanding, unhealthy rivalry, and pride. Family business would have been the best thing next to chocolate but it's terrible in many parts of the world. Statistics shows that most successful family business are only found in the American continent.

 

[Blue house]

If you ever wants to start a business, there are something's you should never mix it, things like business and family,business and pleasure. Don't ever mix them together, they are a disaster for the business, whenever you are employing a family always make sure you let them know there is no space for useless familiarity.

 

[Ogbest]

That is the last thing I will do, running a business with a family member. It brings a lot of problems and can bring division into the family. I chose to have my own separate business than involving a family member.

 

[Akinwale701]

I've heard that starting or doing business with a family member or relative, can create many legal problems as well as relationship issues. For example, a father letting out a house to his son could be problematic if the son chooses not to pay the rental costs. This ultimately means an eviction will occur sooner rather than later. Another scenario would be a family restaurant, where the father is the owner and the son is a general manager. What happens when they both get into an argument, on a personal level? This is why I think business and family don't mix.

Share your thoughts and personal experiences below.

There is nothing bad in doing business with your family members but care must be taken to ensure that you are doing the business with a very honest and trustworthy family members. they can be cunning sometimes and will cheat you

 

[Azmatali]

i think family and business both are very important if you start business with Starting a business can be an exciting but challenging experience. Going into business with your family members or adding someone from your family to your team after you expand can seem like a good idea on the surface since you may feel like you can trust them more and be more comfortable around them .

 

[Oluwasayofunmi]

Concerning the question family or business, one cannot choose between family and business, because one needs both family and business in one's life, if one has family without business, how will one Carter for the family, and if one has a business without family, there will be One that will be there for him in hard times