Hello friends,

I want to initiate the topic "Family owned business Vs. professionally run businesses", The working strategies behind that businesses are entirely different, in my opinion if someone involved in family owned business then his/her primary goal is to improve the reputation of business, making eyes toward Success of business. But, if he is involved in business professionally then the things are entirely different his/her first goal is related to self improvement then the success of business in which he or she is involved. They always tried to gradually succeed in their professionalism.

Family run business:

More centralization in decision making
Product centered business
Ownership is there
Tightly runned

PROFESSIONALLY RUNNED

Decentralization of decision making
Turnover centered business not product specific
Loosely held
Lacks ownership

I believe companies who are successful are family owned companies
professionally runned

1.Ownership is still there
2.Decentralization of factor based decision making
3.Sector based business model
4.Wisely held

I would rate professionally run business over family run businesses. we can argue about the professionals that they will always look for their growth but let me remind you guys family run business are at a very high risk of family's internal politics. Overtime the issues like who will control what and who will be next successor leads to a situation where whole organization can become a battle field. A classic case from India can of Reliance. Look at the way Mukesh and Anil Ambani fought over control...had this been a professionally run business i m sure the situations would not have developed.we should not professionals as greedy people who just want to earn huge salaries but should look the them highly skilled and experienced people who run the business keeping shareholders interest at top priority.

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.