A successful family business can become your greatest asset. In addition to providing great service to satisfied customers, a family business can provide steady employment and financial security for multiple generations of family members. Several of America’s most trusted companies, such as SC Johnson and Marriott, began as family businesses – and many continue to be led by family members today.
Advantages of Family Business
Since 1992, Hippo Direct has always had a strong family connection, which provides us with several advantages:
- A high level of trust among all co-workers and management
- The ability to jointly build a common future for company growth
- Shared histories and interests
- A deeper understanding of staff personalities
- The ability to speak frankly without fear of alienation when discussing important matters
- No corporate politics or hidden agendas
- Focus on providing service to clients without concern for “who gets the credit”
Disadvantages of Family Business
Like everything else in life, there can be some drawbacks to a family business. Potential problem areas include:
- Less structure – entailing a lack of clearly-defined roles
- Need to develop a succession plan
- Ensuring tough decisions are understood as business decisions – not personal decisions
- Personal relationships impacting all areas of the family
To me, the pros far outweigh the cons regarding a family business. If you get to experience this truly special type of business at some point in your life, make sure to embrace it for all its worth.
