If you’re considering joining a family business, you may be conflicted. While on one hand, being a part of your family’s business and carrying on the legacy, can be very exciting. On the other hand, some people may find it limited and it could result in conflict with your family members. Consider these pros and cons to help you make your decision:
1. You get a head start
With a family business that has been operating for years, you may be stepping into an operation that is well established and has a steady flow of customers, revenue and profit. Compared to starting a new business yourself, many of the hard questions have already been answered.
2. You can carry on your family’s legacy
For many people, working for a family business is an exciting opportunity to carry on and grow your family’s legacy. If a far back generation started your family business, it can be thrilling to be passed the torch and take the business to the next level.
3. You get an opportunity to work with people you care about
If you love your family, it can be a great situation to work with them every day. It is an opportunity to spend more time together, bond and grow closer. It also means you will be working with people that you can hopefully truly trust and already have strong rapport with.
4. You have a clear path for advancement and management
Depending on your role in the family business and succession planning, you may be groomed to become a leader and take over the business from the previous generation. While in traditionally companies you’d be competing with many others for these positions, in your family business you have a clear path.
5. It can be very lucrative
Family business owners typically keep profits within the family. While not all businesses are successful, a family business that has sustained itself for generations is likely to generate significant cashflow and profit to the owners, which could be you.