Working in the family business?

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In the next issue of Business Cornwall magazine we are running a feature about the challenges facing family-run businesses. If yours is a family-run business, we would love to quote your thoughts and experiences.

Cornwall has some of the highest rates of family-run businesses in the UK, and are vital to the local economy. There is even a train of  thought that family businesses can be more resilient in times of an economic slowdown. But they also face their own unique challenges and pressures. And just how can you keep home life separate from work life?

We would like to get your views. You can leave comments at the bottom of this article or by email your response to [email protected].

Below are a some questions you might like to consider:

  • What are the main advantages/disadvantages of a family-run business?
  • Can emotions sometimes conflict with good commercial sense? How is that overcome?
  • Are family-run firms more resilient in times of recession, ie the owners are likely to work harder for less money?
  • What is the main motivation for running a family business? Money? Lifestyle? Duty/family loyalty? 
  • Do you have an exit strategy? Are exit strategies important for family-run businesses? 
  • Would you sell the business for the right offer, or is it important to retain in family ownership for future generations?
  • If you are a husband/wife team, what are the main challenges involved? How do you separate work from home life?