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

[Vladv26]

I personally think that parents should teach their children from a young age about business so that when they get old enough they will be prepared to run the family business further

 

[idhans]

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.

Running a family business is smooth when the family is peaceful, and loving. But could be very difficult in a polygamous family where some family members want to own the largest share, and some people bring opinions that we're not part of the business.

 

[WhiteHouse]

the big killer for a family business is nepotism, lackadaisical attitude and ultimately, transfer of control.
The family member knows they aren’t going to get fired so they don’t work as hard and everyone around them emulates their work ethic.

 

[Emma Aneni]

I feel the first and outmost challenge there is PRESSURE especially pressures from your parents. You’ll want to please them by all means and feel you’re more capable to do the work more than your siblings hence you make wrong decisions most times
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I feel the first and outmost challenge there is PRESSURE especially pressures from your parents. You’ll want to please them by all means and feel you’re more capable to do the work more than your siblings hence you make wrong decisions most times

 

[joy101]

The major challenge is pressure to succeed, managing family own business can be very difficult but it requires a lot of wisdom, and it very stressful because they are going to put alot of pressure on him.

 

[Life drama]

The pressure is immense in heading or controlling family buisness,there are people who don't wants you to succeed because they want to take over from you.they will try all of their best to bring you down,they will require some advancement that might not be able to help sustian the business.

 

[Josemendez]

Heading a family business is quite very challenging ,because members of the family will not trust you well , they may want to question your decisions ,and even oppose it which will be a sort of set back for the business.
This is why people prefer having personal business than family own

 

[Sammyesx]

In general businesses face lot of challenges Worst taking over a business that was not started by you, to avoid these kind of problem, the person to inherit the business should start working in the organisation as early as possible before the founder pass on to fully understand how the business is run before taking over.

 

[Chief]

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.

You are correct, peeople will most likely see the person as not being capable of heading there business and would want to oppress the new individual. The way forward is to use force and assert tour authority ad rhr nre dog in town

 

[Frank]

Lacking the technical knowledge to handle such businesses can be the greatest undoing that will affect anyone trying to handle the family business. This is all about understanding how to use the basic business tools that makes doing business easier and better.

 

[Afrinish]

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.
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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

 

[Dowenship]

Its only In Africa we have that bad mentality of not acquiring the skills or knowledge of magnesium family business, its not done in other continents! I'v heard of a business that's has been since 1908! It was passed across from generation to generation, and each generation as built it to their taste

 

[Nadistik01]

It is not easy at all.
One of the major challenges is pressure to succeed, trying to carry all along, heading or taking over a family business will impose a lot of pressure directly from your family members. Also, you will always want to please them even if they are asking for what you don't have currently. It's so falstrating

 

[Flashblaque]

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’s an unusual family-owned business where relationships are formed and thrive without emotional components like trust, love, and affection. But negative emotions like resentment, jealousy, and rivalry can create serious problems within the family business.

 

[Oloritoks]

The challenges will be numerous and one of them is taking decision that tend to satisfy some party over others, which can at end up making more enemies for you as human being which may not do you and your children any good.

 

[Aniwhyte]

There are a lot of challenges involved regarding taking over a family business, but I think if one is involved right from time and observing how his father or elder brother was running the business while still alive, then the challenges won't be much as the in and out is already fully known.

 

[kayode10]

This can very difficult for a young man to manage especially when he has elder siblings competing for the position. They will always thing that they are better and those should be the one owning the position. One thing such people don't know is that if they support you, the business will blossom and everyone will benefits from the Experience in the positive way.

 

[Life drama]

Taking over of family buisness might be a bit harsh,due to the fact that before you take some decisions that will help the business grow you have to consider some people that might have another motive against the business.sharing formulas of profits might be another factors to be considered which might not help the buisness.

 

[Samuel77]

According to my own point of view, the challenged face in taking over the family business is, one you must have to learn things fast so you don't get confused or destroy the business, second you will need to know your trusted worker and third you must learn to keep your customer close and try to make them happy

 

[Godleads1]

The originator should take endeavour to groom the children ahead of taking the position of leading the business. This is adviceable, in order to avoid the crash of such business.