The Challenges faced in taking over or heading a family owned business.

[Kayzzy3]

The burden to carry on the family legacy rightly falls on the children especially after the party or the originator of such business has passed.

Nevertheless, often than not it is very challenging for the child or children to should the responsibility of keeping such legacy hence most those businesses die after a few years.

What do you think are the challenges involved ??

 

[Niftyyem]

It would be an error on the part of the original business owner if he did not take the time to groom the person who would likely take over from him, be it family or not. If well groomed, I don't think there would be too many challenges.

 

[Mary]

One of the major challenge is pressure to succeed,. heading or taking over a family business will impose a lot of pressure directly from your family members, another thing is that you'll always want to please them even if they are asking for what is wrong

 

[btaliat]

There won't be any challenge in running the business of the original owner has acquainted his children to the business. The only challenge the child may face is the burden from the family. The financial obligation will fall wholly on him.

 

[Damismiling]

Taking family business can be quite difficult, because you ve got many bosses, just be sure you are in charge because a lot of bosses will be on your neck, just make sure you are in control and stop any form of family interference

 

[Kayzzy3]

It would be an error on the part of the original business owner if he did not take the time to groom the person who would likely take over from him, be it family or not. If well groomed, I don't think there would be too many challenges.

Of course the onions is left for the originator to groom the heir of the business and duly introduce them to business partners.

Nevertheless, it can present challenges to the heirs when their patriarchs are no more to guide them.

 

[Ralphjoe]

There are times whereby passing on the legacy of a business from one generation to the other by inheritance favours the business while at some other times it kills the business.

This is mostly dependent on who inherited the property, how business minded he is? How knowledgeable about the business he is, Most times owners of such businesses always try to familiarize the business with their children, so that when they die, their children will easily take over.

 

[chalcedony8]

heading or managing family own business can be very tasking and also it requires a lot of wisdom, some of the challenges faced are problems from other family members, those working in the organization and those family members that are just shareholder and doesn't really have. a office in the organization, sharing of profits is also another big problem faced and directing elderly members of the family too.

 

[Ridorz]

Heading a family business may not have a challenge and it can also have challenges, it's just depends on a kind of family. And the challenges that I can say it may face the family business header is the pressure from family. And this thing is my own is different to this thing is our own.

 

[Erik4150]

This is a very dicey situation. It is better if the family business is managed by the most brilliant and experienced member of the family while the next person in line to inherit the business prepares for the future by learning how to manage a business.

By doing so, the family business can pass from one generation to the other without facing any risk of failure.

 

[Ibrahim1]

It's not always and moreover it's always stressful because they going to put alot of pressure on him also started demanding what they couldn't demand from there father who own the company before, soon or later they will started asking him to leave the post because he couldn't give them what they needed without knowing it's not easy and it's not possible spending company money the way they thought

 

[Sincerem]

The pressure associated with replacing the former head and taking responsible that needs quality and the right person for the position is intense in nature. It takes a courageous one to stand tall, firm to drive the affairs of the family business.

 

[Kinglegend01]

The burden to carry on the family legacy rightly falls on the children especially after the party or the originator of such business has passed.

Nevertheless, often than not it is very challenging for the child or children to should the responsibility of keeping such legacy hence most those businesses die after a few years.

What do you think are the challenges involved ??

It is really challenging to inherit or take over a pre-existing business and actually keep it alive or better still improve it for majorly the reason that since you are not the proprietor, your decision making and ideas are going to be contained.

 

[Ibrahim1]

It's not always and moreover it's always stressful because they going to put alot of pressure on him also started demanding what they couldn't demand from there father who own the company before, soon or later they will started asking him to leave the post because he couldn't give them what they needed without knowing it's not easy and it's not possible spending company money the way they thought

 

[Donkiz]

Sometimes I wonder if there's a law that states that the first son of the business owner must take over the business when the father retire or dies. Most times you found out that the would be successor is not ready or does not have what it takes to handle the business. The best thing should be to check among the children of the business owner which one of them can handle the business well and allow him/her to manage the business no matter his/her position in the family, alternatively they can employ an outsider with good record of managing businesses to do the job.

 

[chicnthin]

It's mostly the expectations to do well in line of business. The person taking over would feel pressured and fears that it may not be successful in its term.

And if majority from the company isn't satisfied with the performance, they may oust the inheritor.

 

[Bilal0087]

The burden to carry on the family legacy rightly falls on the children especially after the party or the originator of such business has passed.

Nevertheless, often than not it is very challenging for the child or children to should the responsibility of keeping such legacy hence most those businesses die after a few years.

What do you think are the challenges involved ??

I think challenges are part of life. if there are no problems there will be no learning opportunity. I think if the owner groom well to the child about the business strategies he may become courageous to face all challenges and problems bravely.

 

[MastetG]

Yes, heading or taking over a family business can be so challenges and come with many obstacles
One of the major challenge is pressure to succeed,. heading or taking over a family business will impose a lot of pressure directly from your family members, another thing is that you'll always want to please them even if they are asking for what is wrong

 

[chalcedony8]

heading or managing family own business can be very tasking and also it requires a lot of wisdom, some of the challenges faced are problems from other family members, those working in the organization and those family members that are just shareholder and doesn't really have. a office in the organization, sharing of profits is also another big problem faced and directing elderly members of the family too.

 

[Nimra Saeed]

The burden to carry on the family legacy rightly falls on the children especially after the party or the originator of such business has passed.

Nevertheless, often than not it is very challenging for the child or children to should the responsibility of keeping such legacy hence most those businesses die after a few years.

What do you think are the challenges involved ??

The head of the family have to face a large number of challenges in terms of justice among the family as well as financial problems. In all such situations it becomes very difficult for anyone to own a joint family system.
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The burden to carry on the family legacy rightly falls on the children especially after the party or the originator of such business has passed.

Nevertheless, often than not it is very challenging for the child or children to should the responsibility of keeping such legacy hence most those businesses die after a few years.

What do you think are the challenges involved ??

It is very difficult to carry out the family owned business. A family owned business is well organized and it is run in a very well mannered way. So one have to deal with the rules and regulations in order to be successful.