Which Do You Prefer; Family Business or Personal Owned Business?

Haypril

Well-known member
When setting up any form of business, be it long term or short term investment (business), there are certain things to put in place and certain factors to consider before executing a business plan.
To briefly explain what business plan is, Business plan is a written document to guide every investors on the purpose of the business, how to invest, when to invest, things to avoid, competition, the location of the business and so on. Business plan contains information that has to do with the business.
However, setting up a business with relatives or family member can be very demanding and most times such business ends up been divided among the partners or the sales of the assets.

Questions for discussion;

1. What do you think about the partnership of two family members to set up a business?
2. Have you had a bitter experience with relatives based on partnership?
 

Akinwale701

Well-known member
When setting up any form of business, be it long term or short term investment (business), there are certain things to put in place and certain factors to consider before executing a business plan.
To briefly explain what business plan is, Business plan is a written document to guide every investors on the purpose of the business, how to invest, when to invest, things to avoid, competition, the location of the business and so on. Business plan contains information that has to do with the business.
However, setting up a business with relatives or family member can be very demanding and most times such business ends up been divided among the partners or the sales of the assets.

Questions for discussion;

1. What do you think about the partnership of two family members to set up a business?
2. Have you had a bitter experience with relatives based on partnership?
Family business can be a bit complicated if things are not done the way they are supposed to be done. Now, imagine running a business for your in-law or your uncle or aunt where you are expected to be totally accountable and transparent and such is not being got from you. There is gonna be some kind of misunderstanding and you won't like it. Also, if it's your own business the risks will be borne alone by you and there is no-one to share such with. Both concepts are somehow and anyone you like, go for it.
 

Abee111

Member
To me and to the best of my understanding, it will be good for you to set up your own business than seting a family business.
In the family business,you are not a boss of your self, profit is been shared amongst the family, so also rust too.
But when running your own business, you can decide what to do and what's not to be done, you are the boss of your self( independent) you can decide to expand it by investing more and more..
 

Daykas

Well-known member
When setting up any form of business, be it long term or short term investment (business), there are certain things to put in place and certain factors to consider before executing a business plan.
To briefly explain what business plan is, Business plan is a written document to guide every investors on the purpose of the business, how to invest, when to invest, things to avoid, competition, the location of the business and so on. Business plan contains information that has to do with the business.
However, setting up a business with relatives or family member can be very demanding and most times such business ends up been divided among the partners or the sales of the assets.

Questions for discussion;

1. What do you think about the partnership of two family members to set up a business?
2. Have you had a bitter experience with relatives based on partnership?
Let me start by answering question two first. I have never had any bitter experience with any relatives before because I don't try such business.
Back to question one although partnership between two family member is good and bad when it comes to business set up.I would rather own my business alone than start one with a family member
 

Planet408

Well-known member
I'm not a fan of family business. Issues usually arises from it. Though I have never experienced this personally but i have seen people talk about how much they dislike family business. When problems arise in family business, it kinda bring dispute among relations and that's way too bad. I rather avoid it.
 

Alexandoy

Valued Contributor
To be honest, I am not in good terms with my siblings when it comes to business. I don't want to elaborate about their bad idiosyncrasy but I cannot agree to their style of business. If the business is all mine then I can do whatever decision I make and there will be no disputes. However, I understand that a business can be better if there are 2 heads to mind it.
 

Chommyluv

Active member
When setting up any form of business, be it long term or short term investment (business), there are certain things to put in place and certain factors to consider before executing a business plan.
To briefly explain what business plan is, Business plan is a written document to guide every investors on the purpose of the business, how to invest, when to invest, things to avoid, competition, the location of the business and so on. Business plan contains information that has to do with the business.
However, setting up a business with relatives or family member can be very demanding and most times such business ends up been divided among the partners or the sales of the assets.

Questions for discussion;

1. What do you think about the partnership of two family members to set up a business?
2. Have you had a bitter experience with relatives based on partnership?
I prefer my own personal business than family business. We have our family business which i helped my mum in managing but i know what i passed through; any day you opened your mouth and say you want to rest, they will tell you, " rest for what, aren't you be resting since just remember that we put on our table its because of this business, it has been this business that fetched the fund that see you through school ". So, I don't have strength for long sermon.
 

greatguy1

Well-known member
Family owned business is mostly a debacle especially if they both reside close by. It takes serious discipline from both members to make the business flourish as there are toi many distractions that can derail the business. Personal owned business remains the ultimate. You have total control of the day to day runnings of the business with unrestricted interference.
 

Briangsam

Active member
It is a general knowledge and saying to never mix family with business. Most of the times, eight times out of ten, it doesn't end well. Some family members go all out to play a smart one on you and if you dare complain, they try to guilt trip you. Just because they know that you can not arrest them. It is not advisable.
 

Samuel72

Well-known member
According to my own point of view I will say between family business and personal business I prefer personal business this is because sometimes family business hours somehow troublesome, when it comes to sharing the income there will be lots of arguments and it's hard sometimes to understand each other but when you have your own private business you do things the way you want you create your own policy and also you have your own privacy in your own business
 

BabsTee

New member
I won't really agree with the Family business because anytime a Family issue arises and both of you happen to be standing on different sides of the matter, it will surely affect your business. The emotion will be transferred on to business because you are just human. However, on the other side, if both of you agreed not to bring family issues to business, it's very possible to run a successful business, if you guys agreed and are committed to make positive decisions for business' sake and execute any emotional or greed feelings that might arise. All you need is maturity, understanding, honesty, and trust to make things work.
 
Hi,
I would like to prefer you personal owned business because the family business can be complicated for you to handle with your partner.
 

Mataracy

Well-known member
To me I will prefer personal business to family business because;
(1) If it is your personal business one will be able to have total control on the business than when its a family business.

(2) If it is a personal business all the profit will be enjoy by one person and not to be share.

(3) personal business any risk involved will be bear by one person alone and one will be able to know that its due to his/her own negligence or poor management and not to cast any blame.

(4) In personal business it is very easy to know where fault is coming from than when it is family business.
 
Top