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

[Diddi01]

One of the many challenges are trust and unity. Almost everyone in the family wants to be the Head of the business and the one that makes the final say and decision. And once everything is not going well with the business and you are the Head, mistrust enters and family starts accusing you of stealing their money. Family and business doesn't always go well

 

[Dowenship]

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 ??

Actually its our western culture and mentality that makes inherited family business to be ruined, due to terror amongst the children that are given the inherited business. Not so in many countries. There are still some business originated since 19's that are still standing

 

[Ezzyoj]

Carry family business come with different issues, pressure to maintain the family legacy, accommodation of family decisions, difficulties in introducing new policies and services, too much expectations from everyone in that family and a whole lot of things.

 

[Olahab]

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.

 

[Halexcity]

There can be a lot of challenges that might be faced working for a family member, firstly you won't have the boldness to ask for your right as a normal worker. Secondly, they might be paying you less, using family advantages to below your standard.
[automerge]1612719214[/automerge]
There can be a lot of challenges that might be faced working for a family member, firstly you won't have the boldness to ask for your right as a normal worker. Secondly, they might be paying you less, using family advantages to below your standard.

 

[KvngMurphy]

You are very right. It's quite challenging but that's because you're being given a task of carrying the family's business to the next level which maybe you never planned for at that particular point in time. But believe me that's still far better than having to struggle to see things work in other to for the family to feed. In your case, you were only given a responsibility

 

[mayreeh38]

Not all the family members will be in support of you heading the family business. There will be disagreements here and there and be ready for some negative comments too. You will have to also face financial issues too.

 

[Neeta313]

It is not easy I must say, in some cases the child that is to take up the business might not even have the right knowledge to run the business. But the family legacy must go on. If the person is young, the board of directors may not accord you the respect you deserve because they are older than you.

 

[Kehinde]

Family problems. ...
Informal culture and structure. ...
Pressure to hire family members. ...
Lack of training. ...
High turnover of non-family employees. ...
Sources for growth. ...
Lack of an external view.

 

[eenya001]

For me I believe the basic challenge or difficulty in running a family business is pressure from yourself and from your environment. knowing fully well that this business has transcended generations and you would not want it to get spoilt or fail on your watch. so the pressure becomes a enormous for you to handle.

 

[Ayokex]

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

Whoever wants to take over a family business should be ready to face the challenges not matter how good his/her intentions are. Everyone in the family wants to be the ceo, that's why it would be a tog of war for an entity to take up the mantle.

 

[WhiteHouse]

You would confront various difficulties.

You would gradually interact with other various parts of efficient Finance, Production, Purchasing, Man Management.

You would need to search for answers for various issues. Which will thus make your "Critical thinking Attitude".

Critical thinking Attitude is something major which will characterize your way as an effective entrepreneur.

Being a Successful Business Owner is a Process, which you need to follow earnestly and with discipline.

It is anything but a short-term achievement, its "n" long periods of sacrifies and assurance which lead to progress.

 

[Oluwole]

The challenges in heading the family business. The family problem that is first challenge, second if you do anything with your own money some will say no is from family business money.

 

[Cybersec]

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

 

[EMMANUEL]

Most likely when you decided to go far the idea of handling family business as the head, there will be slot of challenges that you will face as the head of family business.
Although you get to make decisions on the growth of the business other aspect of the business, but what you will always need as the head is the energy to be disciplined towards even the family members and the Financial challenges.
Let there to be disciplined, concentration and high commitment towards the growth of the business.

 

[Bkoks]

There are challenges surrounding running a family business.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.

 

[Neta Sam(Samuel Odunlade)]

Challenges faced or that will be faced in taking up a family business are enormous, as you are familiar with the people involved, everything will be checked, trust will be evaluated, sincerity will be proven. Budget will be queried.

 

[Cissé]

To head a own family business is not an easy task, most of the business collapse after some years due to lack of management, if the children that take over does not know the strategy the former person that direct such a business apply, pressure also come from other family members when asking for good result. Some of the company collapse due to financial issue maybe the former director have made some pledge with the bank.

 

[Pattertwig21]

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 the pressure of carrying out the legacy puts a lot of pressure to the succeeding children. And there are cases where the children wants something else rather than the path made out for them. But the legacy and protecting it should always be put into careful discussion and planning.