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

[Adeyoola7]

1 Family problems. Physical, emotional and financial problems among family members can greatly impact the day-to-day operation of the business.
2 Informal culture and structure. For many businesses, having a laid-back culture is a positive. However, the informal structure and culture found in many family businesses can equate to a lack of documentation, policies, and defined strategy and goals.
3 Pressure to hire family members. It can be difficult to resist the pressure that comes along with requests from family members who want to join the business. This becomes especially complicated if they lack the basic skills and experience needed for the position.

 

[Nurudeen]

One of the major challenges that comes with heading the business ones father or mother leaves behind is monthly sharing profit of the organization. As the head of the new company, your siblings or family members might think you are taking a larger chunk of the company's profit into your personal account which can cause a whole lots of problem at the long run.

 

[Presido]

Taking charge or heading a family business is one of the greatest risk one can take in life, the pressure from the family itself can ruin the business, and there is tendency that you lose concentration due to the people around you

 

[Alexandoy]

If I were in that position where my parents have a big business and they die and passed on the management of the business to me, oh no, that would be a disaster with my 5 siblings. To be honest, I do not trust any of my siblings when it comes to the family business and I know that they do not trust me either. You can imagine the conflict that would create disputes from time to time. The best is to dissolve the business and divide the assets among us.

 

[Gilead]

I would rather not take this kind of business,too much stress and sentiment involved. Business should be purely based on professionalism but when it comes to family,you definitely can't be formal anymore, can you?...

 

[Afeefah]

Taking over a business for the first time can be very challenging as you won't have past experiences to help.
Decision making also fall on the head of a business and making the right decision can be a huge challenge.

 

[Ojonuyo]

Family business can appear to be an obstacle to starting up your own personal business.

Things can really get messy when everyone in the family are looking up to you to head the business and take charge. You are left with no other choice than to take up the business. This can become difficult for you when your field of interest is different.

My advice is, speak with your family members and ask them to put someone else in charge but still under your supervision.

 

[Sariana23]

I think that one of the challenges is the lack of up-to-date knowledge, the founder of the company can guide them, but if the heir does not take the time to update himself from time to time, he may lose business orientation. Another challenge is the pressure exerted by family members or partners in the company. Last but not least is the personal interest of the heir, if he does not like to work in the business, no matter how much knowledge he may have, a failure may come, since he must be where he feels good and likes what he does.

 

[Maliha]

How much difficult is to handle the business of family would be decided by who is inheriting the business,how much knowledgeable he is about business,how much experience he has in business and also how was the condition of business earlier,And also how the family members are managing it with you if they are involve in it.

 

[Adexgrace]

Businesses that are owned by the family comes with a lot of challenges compared to working out in an organization outside the family. Because one will have to manage the family business with extra Care to prevent the business from running down at ones tenure.

 

[WhiteHouse]

There are many challenges to a family business, but it all depends on the leadership of the family business. In many aspects, a properly managed family business is like a well run country. Proper training, hiring, rewarding or punishing, budgeting, intelligence gathering, planning in advance, and knowing to limit oneself is key to success in family business.

 

[gammarays]

It's very difficult for a family member to take over a family business because of complexities. Different individuals have different talents and passions so it's very bad to force or handover a business to someone who has no passion for it. The best is to groom heirs from childhood on the family business.

 

[Holluwaphemmy]

It will be a wrong thing if the person to take over the business is not properly groomed or tutored. It may collapse the business. The major problem facing this business is that the person to oversee the business will be too familiar

 

[Richard92]

There are many challenges involve in taking over family business. Two major problem are clash of interest, and also inability to make decisions. The family come up with different ideas and complains that will be to the disadvantage of the company, problems like how funds are been shared is also a major problem that really affect family businesses. Everybody wants to make decisions since they are part of the family, that brings about family conflict.

 

[Maheen]

Headed bh a family business is on one hand easy and on other hand hard...easy in terms of you have experienced family members who can give you suggestion and can guide you but on the other hand you have to show your skills to grow without disturbing the old workers and old tradition

 

[Patrik]

the issue is that you are mostly underrated in your family (not always but in most of the cases), so the only way to take over a family business is by proving yourself as a decent manager and someone who's capable of leading a business

 

[Trexxxy]

Well I think the main challenge is not properly grooming the child up in the first place , allow the child or successor understand the importance of the business and what type of legacy it embodies. The child will have a few ideas when he/she takes over but ultimately the goal is for the business to move forward and the legacy remains intact.

 

[Pirate]

In life, there's always challenges to face and obstacles to surmount, but taking over one's family business, I can't think of a challenge that'll erupt one way or the other, as the business is a family stuff things to help out will have been put in place to make sure the inheritor does not falter.

 

[GeneBiz]

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 ??

oh my, I think the biggest challenge is stress, the pressure that must be felt knowing that a whole legacy and a family business is in your hands ... it is a weight not very easy to carry

 

[idhans]

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 ??