- Q1: Where would you rather be? Family business or paid job? Why?
- — Ivana Taylor (@DIYMarketers)Mon, Nov 27 2017 19:11:00A1: I think I’d rather be in a family business. This way you are working toward your own future success. #BizapaloozaChat
- — Mitzi Perdue (@MitziPerdue)Mon, Nov 27 2017 19:11:01A1: Family Business! Prestige, fun, excitement, identity, and most of all, why work your heart out for someone else to make the money! #BizapaloozaChat
- — Bizapalooza (@Bizapalooza)Mon, Nov 27 2017 19:12:01A1- I believe it’s a good idea to start working for someone else, learn as much as you can and then come into a family business. #BizapaloozaChat
- — SmallBizOpinions (@SmallBizOpinion)Mon, Nov 27 2017 19:13:00A1) Working outside a family business is a great idea, it keeps you out of potential family drama. #BizapaloozaChat
- Q2: How are family businesses different from non-family businesses?
- — StrategyStew (@strategystew)Mon, Nov 27 2017 19:19:01A2 I think family businesses will have fewer employees and are less profitable, just because of the inherent interests of family members.#BizapaloozaChat
- — Anita Campbell (@smallbiztrends)Mon, Nov 27 2017 19:18:26A2: Some of old "rules" go out the window in a family business, such as not hiring relatives LOL #BizapaloozaChat
- — Suzanne Stewart (@SuzanneStewart1)Mon, Nov 27 2017 19:16:58
- — Mitzi Perdue (@MitziPerdue)Mon, Nov 27 2017 19:17:00A2: At its best, a family business consists of people who have each others’ backs. At its worst, dysfunctional relationships can destroy a business. #BizapaloozaChat
- Q3: What makes a family business special?
- — Steve King (@Smallbizlabs)Mon, Nov 27 2017 19:22:54A3: The good is you can integrate life, work and family in a positive way. The bad is you can also do it in a negative way #bizapaloozachat
- — Bizapalooza (@Bizapalooza)Mon, Nov 27 2017 19:22:01A3- I think that family businesses have a strong sense of mission and calling -- a purpose for being in business beyond the money.#BizapaloozaChat
- — Ivana Taylor (@DIYMarketers)Mon, Nov 27 2017 19:21:00A3: It’s a double edged sword. Relationships, commitment and emotional connection make a family business special, but also difficult. #BizapaloozaChat
- — Mitzi Perdue (@MitziPerdue)Mon, Nov 27 2017 19:21:00A3: Being able to think long term rather than worrying about keeping stockholders happy each quarter. It took Perdue 11 yrs of researching how to eliminate anti-biotics before it paid off. A public co. would have had trouble sticking with it. #BizapaloozaChat
- Q4: What are some advantages of family owned business?
- — Ivana Taylor (@DIYMarketers)Mon, Nov 27 2017 19:26:00A4: One thing I’ve noticed is that owners of family businesses have more leadership autonomy. They can make decisions quickly. #BizapaloozaChat
- — Mitzi Perdue (@MitziPerdue)Mon, Nov 27 2017 19:26:00A4: Trust, agility, understanding, shared culture, shared excitement. But on the other hand, a family business with dysfunctional relationships can implode. #BizapaloozaChat
- — Steve King (@Smallbizlabs)Mon, Nov 27 2017 19:26:09A4: We really enjoyed hiring our kids when they were in high school and college. It was fun working with them. #bizapaloozachat
- — Bizapalooza (@Bizapalooza)Mon, Nov 27 2017 19:27:00A4- If you have siblings or kids working as managers in the business, you have stakeholders who are committed throughout the company. #BizapaloozaChat
- Q5: What are the downsides of having a family business?
- — Khulekani Christian (@KhulekaniMj)Mon, Nov 27 2017 19:36:30A5. The same way of doing business is passed down from generation to generation. There are no new ideas introduced into the business. #BizapaloozaChat https://twitter.com/DIYMarketers/status/935229241821683718 …
- — StrategyStew (@strategystew)Mon, Nov 27 2017 19:34:00A5 I think succession planning is a real issue. Few family businesses think far enough in advance or they are hampered by relationships over profitability. #BizapaloozaChat
- — SmallBizOpinions (@SmallBizOpinion)Mon, Nov 27 2017 19:33:00A5) Nepotism can be a career killer for qualified employees who are not members of the family. No upward mobility. #BizapaloozaChat
How to Build and Run a Successful Family Business
Only 30% of family owned businesses make it to the next generation. Follow these tips and strategies to make your family business last through the generations.
byIvana Taylor22 Views