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Making Money

It’s in the Genes: Family Business, Go or No?

To join or not to join? ABIGAIL AZUL tells you what your options are when it comes to the family business.

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17 Apr 2012 Print This Post Print This Post

    Photo: www.photoxpress.com.

    Families are a basic institution of society. But when it comes to earning money should they be the source, too? It is a primordial instinct for parents to look after their young’s future. Parents shape the future choices of their children, however, they also plan handling out their living to their children assuring them of a better future.

    Chinese families in the country are very famous for handling out their businesses to their children, some even running a business that has been handled by their great grandparents. Other moguls have adopted the similar situation of training their children on running their business empire such as the Trumps and Hefners. But there are also children wanting to set their own marks against the current.

    Which should you choose?

    Going with the Flow
    There are a lot of advantages in pursuing a family business. You know the business since you were a kid, you grew up with it, you know the people who you deal with, not to mention you know how to run it instinctively. It’s been laden to you on a silver platter and all you have to do is run it. Usual family dinners and birthday celebrations are usually laced with business conversations and sharing of contacts, which is why you know the business a lot better than anyone else.

    The cons are that some children may find the business too boring and may not care since they’ve known it all their lives. Another con is that you bring your work home, which cannot be avoided. Family dinners become business meetings, some get stifled with the work-life union. Personal issues will also directly affect work and vice versa.

    Against the Current
    If you want to do your own thing, it’s pretty much like starting from scratch and depending on yourself. Your folks might give you guidance and support but they can’t be your mentor. This stance is very challenging since you’re on your own and quite unsure of how to make an idea work and if you could profit from it.

    If it works you earn approval and have proven yourself to be able to stand by your own choices. Parents who did not like your choice to be apart from the family business might be proud of you and might attribute it to the business prowess in their genes. However, if it fails, at least you’ll know better and have no one to blame except yourself.

    It’s in the Family
    Children must not forget that parents only want their children to have better lives in which they plan ahead through the family business. The family business may have been operating for a long time and perhaps become a household name for some which means a better opportunity to improve and continue a legacy.

    Make your own name
    In the book, The Greatest Salesman in the World by Og Mandino, the merchant never passed his riches to his son but rather taught his son how to earn. Children must value their parents’ hard work and see that the company is the result of it whether or not you join up. Parents simply want their children to know how to fend for themselves.



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