Who will take on the mantle
Many family businesses were started by one person who had the idea, outlook and determination to make it big. That person is the corporate, the accounts, the sales and the legal. But what next? What happens when the leader decides to retire? Who will take over the business? What if there are more than one options, how will you divide the work and business? If this is not predetermined the business will be left in tatters.
Non existent work and life balance
When you run a family business, every dinner table conversation tends to revolve around the business. The business doesn’t spare you even when you’re on a family vacation because all the members are present and you can’t help but discuss. This leads to a blurred line between professional and personal lives.
Process, Structure and Scale
Suppose your family owned business has been growing steadily over a couple of years and suddenly there is a lot of traction for your product or service in the market. What will you do? Are you equipped well enough to harness this opportunity? Are you ready to scale your business to match the market opportunity available?
Inherent Conflict of Interest
You want to run away from the family business because it’s a outdated but there are family values attached to it. What do you do? Do you put your head over your heart? Or do your family values tie you down? You will face such difficult decisions which will highly be influenced by sentiments.