David Mah Chut

Business Tips, Ideas & Support Articles

Accounting

Protecting a Legacy: The Challenges of Passing on the Family Business

When it comes to mixing family and business, there are two schools of thought. Firstly, it’s a bad idea as it will affect your ability to make rational decisions and force you to not always put ‘what’s best for the business’ first. Secondly, with it becoming increasingly difficult to find staff, employing family members is a great idea as they will be loyal and also personally invested in the success of the business. Obviously, there are a range of variables that will affect your perspective on this (such as whether your family members have a strong work ethic) but family businesses,