People spend their whole lives devoted to making sure their business is a success and that’s why, when the time comes to retire or have a break they are very reluctant to let go. Many people struggle to find someone trustworthy, passionate or competent enough to carry on the brand they have taken so long to nurture and so, family members are often chosen to take over.
With Father’s day coming up on the 19th June we thought it would be fitting to put together a list of reasons going into business with your loved ones could be the best decision you ever make (besides starting a company, obviously.)
If you’ve been passionate about something for a long time, your family members will know how much it means to you. Therefore, if the time comes when you hand it down to them, they’ll work hard to ensure your company remains a success! Many children are involved with their parent’s business from a young age, often helping out and working where they can. This means they grow to know everything about it and it just becomes a natural development for them to eventually take over.
People often find it difficult to hire a stranger to continue the company because although they might seem enthusiastic, they haven’t been there through the good times and the bad and seen the progress that’s occurred. Family members see it all, and that’s why it becomes their passion as much as yours.
Unfortunately, many business owners down fall is when they get stuck in their ways and don’t want to develop and adapt their product to fit with the times. If, however, your children become part of the business then it becomes much easier to keep track of what’s going on from a younger person’s perspective.
This is a great way to ensure you aren’t falling behind and always remain one step ahead of competitors. Even though your product might be your baby, sometimes a gentle nudge is required to make sure it keeps improving- and who better to give you that nudge than your own blood?
There’s nobody you can trust more than your own family. They will stay true to the business you have taken so long to grow and keep all your secrets. Sometimes it’s crucial that the ins and outs of your company are kept private and you will always be able to rely on your loved ones to make sure this happens.
Mars, Incorporated I.e. One of the most successful companies in the world.
According to Divine Chocolate, the average person eats 3 bars of chocolate a week in the UK. It’s a good job there’s brands out there like Mars who supply us with favourites such as Snickers, Galaxy and Maltesers. But did you know, they’re a family run company?
Mars was created in 1911 by Franklin Mars. The brand started out with the ever-popular Milky Way bar, however it quickly grew and now they own everything from pasta sauces to pet foods.
Father and son (as well as numerous other family members) worked together to come up with different product ideas and introduce the company in different markets such as the UK. To this day, over 100 years on (wow), Mars remains an extremely successful family run business.
This says it all about the benefits of owning a business where there’s different family members involved, it’s easy and comfortable to bounce ideas off each other and there’s always someone to hand the responsibilities down to who you can trust to do a great job.
Warburton’s is possibly one of the most renowned bread companies in the UK. The company was acquired in 1876 and still remains in the same family, 5 generations later. A quote on their website says “For the Warburton family this isn’t just a business, it’s a way of life!” That says it all really, their passion for the product still exists years down the line.
Which family member would you go into business with?