This statement makes a professional manager think that do the manager has a chance in family run businesses. Management problems in a family owned business are somewhat different from the problems in a non family business. When close relatives work together, emotions often interfere the business decision.
In some cases, even the best hands are tied as the family member tries to manage the business.
For example, the ceiling on the amount of money that can be spent without permission from the rest of the family may be too low for the situation confronting the company. Having to clear the operating expenditure may mean missing opportunities for increased profits; such as taking advantage of a good price on raw materials or sales inventory. Efficiency may be reduced also by relatives who indulge in excessive family talk during working hours. The manager should set example and insist that relatives refrain from family chit-chat on the job.
Professional managers have a good chance in our family run business. They should be given a fair chance as they know the concepts of management and can take “out of the box” decision with innovative ideas. A family run business may not have different departments and thats why it is very important to carry business to right path.
For example: Rasna is a family run business and they don’t have R & D department. Well if the business don’t have professional managers then they should have professionalism which can lead a family run business reach to heights.
I m not a has-been I m a will-be