Benefits of a family business over a non-family one

Business ideas may be pouring out of your head flawlessly but good business people step out of this soothing comfort and think ahead. We are all ticking time bombs, one day we will live our final second and depart from this world, who then will run the business? This question will help you decide whether your business should be family owned or non-family owned. Here are a few advantages of a family owned business:

1. Commitment

When thinking ahead it’s not just about the final hour but also the multitude of hours you still have to run the business. Having family members to be part of the business can make the journey easier and exciting. Family members are much more driven to make the business work more than non-family members because it’s never just a business but a family legacy they seek to establish. The kind of commitment they have is rare and it’s the perfect fertiliser for your business to grow.

 

2. The business vision is long term

Allow me to describe family members in a business as eagles soaring high above the fluffy clouds with eyes which pierce straight into the heart of the sea and see fish to devour. In simple terms, family members see beyond obstacles found in business and they are more focused on developing the business even if it takes years (eyes on the prize). On the other hand non-family members usually have short term goals for quick profits; neither will they see ahead nor feel comfortable making a few sacrifices for a reward years later.

 

3. Trust and genuineness

For any business owned by family, it’s easier to turn to a member and ask for help in a very important decision making. This is because you’re not just asking a business partner but someone you share a strand of blood with or someone you know very well. This kind of trust is very healthy for a business because it promotes transparency. Imagine what it would be like if everyone was working towards their own hidden agendas without anyone knowing. The whole business would quickly become a dark circle of secrets and things could easily go south. A family business promotes some genuineness because as family members you won’t be compelled to pretend when it comes to the person you are or what you do. There’s so much freedom ‘to be yourself’ and this promotes brilliant business ideas.

 

4. Stability of the business

Many businesses crumble to dust when that power hunger comes into play. Having a family business can spare you the headaches because power goes down from person to person depending on their position in the family. This kind of stable leadership promotes stability in a business. For non-family businesses it’s very possible to have power struggles. The members will become a hungry pack of wolves fighting for a piece of meat and this divides the business.

Flexibility in running the business

Not everything always goes according to plan, so when there are sudden changes to be made in a family business then the changes are quickly implemented. Family members carry a strong passion for the business so they are willing to carry extra duties without a problem when the need arises and this maintains a flawless business. When you give non-family members that kind of a burden; then you just cooked yourself a terrible stew and so you can look forward to disharmony in the business.

Overall, a family business gives you a chance to do something great for your family.