Question

Advantages and disadvantages of inheriting a business

Answer 1

Advantages

1: Ready set up

2: Established facilities and operational business with staff and suppliers in place.

3: Estabilished customer base/market share

4: Ready guidance from experienced family members.

Disadvantages

1: Narrow thought process due to already established practices.

2: Focus will be on running the business rather than expanding it.

3: Fear to experiment with new and modern methods

4: The person inheriting the business may not be capable enough to run it.