Unique Benefits of Owning a Family Business
Doing business with family can be difficult because almost everything is personal! However, considering that some of the most successful businesses in the world were started by families, owning a family business must have its unique opportunities.
As the team at Advivo has extensive experience managing and handling family businesses, we have identified four unique benefits of owning a family business.
1. Embedded Values Make a Stronger Culture
A successful business requires a core set of values – a mission to rally behind and strive for. In a traditional structure, it can be difficult to identify the business’s core values as the founders are dealing with a number of partners, stakeholders, investors and employees. In a family business, core values are generally embedded from birth!
Family members who are involved in running a business together often are more committed to its success because they all have a stake in seeing the business prosper. This personal investment often makes family businesses resilient, even when business is slow and finances are tight.
3. Employee Relations
Families generally take better care of their employees as workers are seen as extended family members. As such, they are more like to place importance on each member’s personal needs despite their business commitments.
4. A Lasting Legacy
In a corporate business, the same mistakes are made twice because the people in charge leave and knowledge isn’t passed down. The complete opposite occurs in a family business. The clear advantage of a family business with multiple generations is that this knowledge ‘stays in the family’.
It’s important that a family business can not only thrive but could also sustainably outpace the competition if you have a strategic plan for the business – and the family.
At Advivo, we have extensive experience working with family businesses, particularly when it comes to business growth and improvement, succession planning and business restructuring. So, if you have any questions, please do not hesitate in contacting us to arrange a no-obligation consultation. You may get in touch with us on 07 3226 1800 or you may use our contact form.