What are the Pros and Cons of Working in a Family Business?
Anthony Esposito weighs the pros of working in a family business, such as trust and understanding, against the cons, such as entitlement and conflict.
What are the biggest pros and cons about being involved in family business? Well one of the pros I think is that you can trust your family members, you know that no matter what, you’ll have their back and they’ll have yours. In terms of complementary skill sets, no one knows family better than family, so I think having that going into a business you can really see what are our strengths, what are our weaknesses and find other people to complement for those weaknesses. What are the cons? Sometimes I guess people feel entitled because I’m a family member, I have the right to do XYZ, because I’m a family member I have the right to go on vacation, because I’m a family member, I have the right to X amount of salary, when in fact they don’t merit it. So I think that’s one of the huge cons. And another con I think is not necessarily the right to own, but the right to make decisions. So a lot of times, it’s not that one family member is right and one is wrong, it’s just that there’s conflicting interest. And decisions can’t be made as easily unless there’s proper processes in place.