Benefits of Running a Family Bussiness

Running a business with the family is a very old practice. One could argue that before the industrial revolution, most if not all businesses were revolving around the family and its interests. Nowadays, however, this practice is not as commonplace as it used to be.

When talking about family businesses, there are many advantages that are worth mentioning. First, running a family business allows for passing experience and secrets to subsequent generations. This allowed for some profound family business names to be born, such as the Stradivarius family, who are known as the manufacturers of highest quality string instruments, mainly violins. In the case of cooks and bakers, secret recipes were crucial for family business success. Another benefit that comes to mind is the phycological prospects of this practice. Running a family business allows the parents to offer financial income to their children in a form of a job. This way the younger generation is taught to “earn” the money, which creates a fertile ground for the financial stability of the family as it teaches the kids financial responsibility early on and gives a sense of control over their doings. All of these are crucial for the kids to acknowledge the business etiquette and be successful in life. This is why, in my opinion, a well-organized family business can be a defining characteristic of a family.

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