Family owned business vs. professionally run businesses

Hello friends. I agree with kapil that scenario in family business is different from professionally owned business. There is no guarantee how long professional be in the business. Although in family business members be more sensitive about goodwill and try to take more advantage of upcoming opporctunities for there business maximization.

Both the family owned business and professionally run business have their own importance. In family owned business, one would have to get everything without any suffer or we can say without any hard work, but to get the business in the higher position is the main thing which has to be done by one. But in professionally run business one would have to do hard work from start. One should have a good qualification, do well from the beginning, in interviews and a lot then he would get a good job. But in job one will make his perfection on work, own personality.

According to me, everything is a good side and bad side. Family business is good because when karta he has started his business he struggled a lot and stable but next generation has come they get the silver spoon because everything is ready he doesn't need to struggle but may be they two or three brothers they are involved in the same business then trouble starts and they want separate their business whereas professionally run business he has knowledge and expertise person will be there and first time he has to struggle after that gradually he reach his destination because he is the owner he doesn't need to consult with other family member.

Hi everyone,

My priority goes with the family-owned business. We always look through the negative side of family owned business while it has many productive benefits. Yes, I do agree that there are some limitations to family-owned businesses.

The success of any business depends on better management. Management is nothing but having a better understanding. Family creates a better understanding leading to better management. In short leads to success.

In current scenario, Family owned business does not has any importance coz its main objective is to earn Profit.They wont treat customers well.

Wherareas in Professionally runned b'ness they give importance to customers.. they produce goods as per customer needs..Here Customer Satisfaction is given more Imp..

So, In my Opinion Professionally runned b'ness is better than Family Owned B'ness

Hey friends according to me family business is really risky nothing can be predicted and even more than that results in fight between family which further leads to negative thinking about each other and on the other hand professionally run business is some what better then the family business because it's better gaining profit individually without any fights and staying happy and let other be happy without any bad thoughts about each other's mind.

I agree with Sharan and Kapils thoughts but either it may be a family owned or professional business the success will depends on ability of the concern, in the family owned business easy way to enter in to market but the sustainability depends on the concern ability. But professional business will create more job opportunity for the society and innovation also made from this kind of business.

In my view i support professionally run business because one can have work satisfaction with his own business rather than looking over family related business.If we get into family owned business one should work under the guidelines of our family members and maintain the reputation of the business.But if you opt for professional run business you can implement your own ideas as the result may effect your business itself.Mean while you can have suggestions from elders and implementation of their ideas is your concern.So i opt for professionally run business.

Hello friends I support to professionally run a business why I am saying this is family business in the sense there more conflict occur from our family members itself so they unable to concentrate the business they concentrate to solve the inner problems they examples birla groups, tata groups reliance groups etc.

Hello Everyone,
I am in the favor of a family-owned business.

From my perspective, in the family business, people work on the long-term execution of their plans and this will led to the next generation further. In a family business, the secrets can remain secrets, there is confidentiality at the peak which is the limitation of a Professionally run business. Where in Professionally run businesses the employees work for the short-term profits for the growth and incentive benefits, and the family own business members work for the legacy and long-term profits which can be reflected as the status of the family group. we can take the example of Ambani cum Reliance group which is sooner going to be a third-generation company. We have seen the success of the TATA group of companies which is itself a legacy at its own.