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

[mizzzlotam]

The success of heading a family business will depend largely on the level of cooperation between members of the family. A family where the member’s are not trying to eat down the business it can be relaxing to run. It’s a good thing to run a family business.

 

[Folaham]

The problem i see here mostly have to do with the right of other (inheritance right of others). Coping with work pressure and having to leave in such a way that others won't get see him (the handler) as taking advantage of them because he is in charge.

 

[Rainlover207]

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.

 

[Felixko]

one of the major challenges face when taking over a family business is pressure. there will always be pressure directly from the family members because they may think that they business is not managing by the right person. most family member may give you more pressure because they may think you are the cause of the business not succeeding.

 

[Shayo]

One of the challenges faced when taking over or heading a family business is the weight of meeting the standards, I mean too much is expected of the new leader. The position comes with a lot of burden and baggage especially if the last person mismanaged the business.

 

[Milz]

Before a business is passed onto the next generation in a family, grooming is expected to have happened. All or some of the family members are placed in strategic position of the business to gain experience before taking up leading roles.

 

[jay]

Living up to expectation of the one you took the business from, that's a big shoe you will try so hard to fit in. A slight mistake and they will point it out on you with "if it had been...", that demoralize your spirit.

 

[Kelly5]

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 chalenges faced in taking over a family business can only be happening if you have not been an active participant in the business all the while that it lasted. You will have to learn the ropes all over again.

 

[Smithkid]

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.

 

[Noor khan]

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.

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.

 

[Folaham]

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.

And whenever you declined any of their request, you become a victim of various forms of names. In this part of the world, this may even lead to threat to life and some might even resolve to diabolical means

 

[iamgroot]

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

That's right, especially if you are not really passionate about the kind of business that will be passed on to you. Then they will have high expectations of you, that you need to surpass the success of the business in the past.

 

[Abelcairo43]

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

 

[jimmann247]

It is not always easy, most of the children or person who take over business from their parents could not keep the business reputation on how it use to be, most ended up closing down the business, they reck and lavish the business capital on unnecessary things.

 

[Nicklas22]

Running a family business is very difficult because you will feel more pressure to succeed
Running a family business is very difficult because you will want to prove every body wrong by succeeding and making your family happy and proud

 

[Chibson]

Well, the originator of the businesse did not do enough to teach his children the rules and regulations of business.
Another factor is pressure put on the children to succeed their father, the expectation of people for their children to do more than their father. People, who want their children to succeed them should teach them the rules of business.

 

[Kiwi]

The only challenge the child may face is the burden from the family. The financial obligation will fall wholly on him. 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

 

[Ebensco]

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.

 

[shakky2]

there are so many challenges involved in heading a family business which may not be healthy and unethical,progress in such work will be retarded as the family members may decide to ask for money for different purpose which may lead to the business breakdown,just that you have to be strict to attain success

 

[Ayokex]

If you want to take over a family business be ready for a serious battle. Even if you assume that the whole family is living in love, you can still not be able to reach down the heart of everybody in the family. It is a bit easier if it's a monogamous family because all the children are born of the same parents ,even at that you still have to be very careful.