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

[Jonaville1]

In most cases the child might not want to take over the family business. he probably has another dream or ambition in mind, therefore, if he is forced to take over the business he might not be able to manage it the way he should because he will not be emotionally attached to it. That is one of the main reasons why all these businesses fail later on.

 

[Adebayonle7]

I will prefer that the family gets someone who heads and directs the business. Someone who isn't family, friend, or acquaintances, who can be held responsible if he/she fails. Having families and friends manager a business or even work in the family company isn't right and has lots of disadvantages. Business has to be strictly business and families and relationships shouldn't be considered because it has a high risk of affecting the business.

 

[Trexxxy]

Aside from the pressure I think another challenge would be a difference in opinion, the person in question might have different opinion as to how to move the company forward, some people might want to oppose that.

 

[shakky2]

heading a family owned business requires patience and the ability to be careful before you can rule such family based business as a lot of the family members can be demanding for their own share or profit whereby you are still trying to balance the business

 

[Zubair]

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 if you are a business man, you have complete how know of your business, but a person who haven't passed his time in that business would face challenges. Here I'm talking about a men, but children who are not mature would definitely feel difficulties to run that business. One should involve his family members in his business or give them information so that they could run it easily after their presence.

 

[Eyiteepraise]

The challenges that usually occur when person is managing a family business is money issue.The only thing that can cause conflict among family or give challenges to the person taking care of a family business is money .All family member will always have a joint account in which the money of sales will be entering and there can never be peace with a family joint account and thus will always give the victim a challenge.

 

[Lagazine]

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 ??

There are series of challenges in holding a family business and even managing it. It's not really easy as a some members of the family will just come and withdraw at the espense of the company's future.

 

[Chizfab]

The main factor is the passion for that business, if you have the passion for the family business, you will have no problem running it since it is what you be known as a child. But if you do not have the passion, it will bring a lot of dissatisfaction and distractions, as there will be a clash of responsibilities.

 

[singlej007]

Heading family own business after the main owner has passed away is not an easy task. There will be lots of challenges in terms of pressure from brothers and sister, pressure of financial issue, employment issues, who to handle a particular office if it is a big business. Etc...

So many such business easily got sold off or scatter because of issues.

 

[Kane]

If you do not have interest in the business or you are not interested in the kind of business your family is doing, it is not a good idea to join the family business just because it is your family business and you are supposed to take the control. If you do not have any interest, you will never become a good business manager.

 

[Ehizzy1]

Well i think it also depends on the kind of business you are actually doing , because there are some business that aren't too difficult or challenging because your parent already have workers who is going to be doing the hard menial jobs in the business , why you will just start monitoring and managing rhe business as usual , so it actually depends on the type of job

 

[Adetayo100]

They share all the same concerns as non-family businesses are profitability, responses to competition, adoption and adaptation to new technologies, relationships between management and employees, and generation of returns to stakeholders and so on

 

[Ziki]

We're all very aware. Why are we having so much trouble dealing with these problems? That's the question I've been struggling with, coming from my very different perspective. I'm not a social problem guy. I'm a guy that works with business, helps business make money.

 

[Zamaney]

Lack of outside opinions and diversity on how to operate the business. Lack of written strategy. No documented plan or long term planning. Compensation problems for family members

 

[Alogakho Esson]

To inherite family business is what am facing now because am they designer of they scheme so I have business of my choice

 

[Ifective]

Some families are hell bent on their children continuing the legacy of their business. They see it as tradition which must always happen and will the business to upcoming generation to uphold the legacy of the business.
One major problem while managing a family business is that there will be interference by family members. People will want to be claim entitlement to certain things that if given to them can ruin the business

 

[tuna89]

From my little research, businesses do not continue well after the death of the owner and at times they even crash after the owner's death due to the fact that the children may be inexperienced when it comes to managing large businesses, in the process of taking over and running the business, mismanagement may occur. The solution to this is that one of the hardworking children should be incorporated into the business to learn the nooks and corners before the death of the owner.

 

[Briangsam]

It is a very difficult role to take especially if there are grown men in the family. There will be a couple of people who will think you are spending the business all alone and believe they can come to ask for money anytime and for anything. It's a crazy role.

 

[Kingsley]

Taking over or handling a Famil business can be very challenging as there will be a lot of criticism coming from rivalry who might think they should be in a more better position to handle the business. If one should lose focus or get distracted it could be very challenging and could lead to poor performance.

 

[Thosynho]

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 ??

A major challenge confronting the inheritors is inadequate knowledge to run the business. This happens when the inheritors do not learn from the owner of the business while he still lives. Heading or inheriting a business you know nothing about will crumble the business.