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What are the advantages and disadvantages of having a family owned Company?
Wiki User
∙ 11y ago
Advantages: Loyalty...you usually don't have to worry about family becoming disloyal and attempting to take away customers from the business
Think alike: often family gets into business together because they share common interests and motives...so the purpose for having the business, whether it be strictly for profit or for also benefiting society, etc... will be shared
Disadvantages: Unprofessional: If co-workers are family members it can be hard to treat one another in a strictly professional manner at work, these people know each really well in a personal way.
Too Comfortable: If co-workers are family members they often are too comfortable with one another...meaning, they may be too quick to argue whereas we think twice about arguing with our boss or co-workers that we aren't related to for fear of punishment or termination. Maybe the family business is a married couple so when they are in a fight about personal family matters, it can carry over to the workplace and can possibly create a hostile work environment and make for an unproductive day.
Wiki User
∙ 11y ago
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