Do you know that BMW Company is the brightest example of the family business? German auto giant Bayerische Motoren Werke appeared in 1913 as the producer of aero engines. This is the way when the world saw the first Dixi car in 1929. BMW grew up to be the giant prestigious company. It was successful due to the many efforts from Quandt family – founders and developers of the family traditions.
Family business is the usual thing not only in the world of auto. The family companies are widely represented in the small and medium businesses. As a rule, this is the agricultural sphere, touristic sphere, trade sphere. Different countries are represented with the family corporations. There is no space to catch the profit. The aim of business is keeping traditions and making everything for the sake of the family business.
You probably think that the family business must be successful on itself. Why not? Your relatives and close people are ready to help every minute. The things are going well. As a matter of fact, it is very important to measure what is what, responsibilities for everyone, trust-based relations.
Pluses
Your business partner may be your closed one that you trust to and always rely on.
Everything depends of how much you trust to your partner. As you know, family relations are very tight.
The kids are also involved in the family business. You may tech them from the early years to love your business.
If you start your business and there is no much profit yet, the family members can work for free if they are motivated.
Family business can save the secrets of your family.
Common goal can be a good motivation to have tight relations in your family.
There is a chance to test your relatives for trust, workability, responsibility.
Family business is a guarantee for every new generation to have a good job.
Minuses
Common business means the only one financial source. If the business is cracked, the family is in danger.
It is difficult to divide family and business relations.
You may have a good relatives but they may be no a good partners. You can do nothing with it. You have to work with people not because of their professional skills but because of they are your relatives.
It often happens that the family companies stop their living after three generations.
Examples of Family Businesses
Verpoorten, Germany
Verpoorten family is the founders of the egg-nog. The recipe was invented more than 130 years ago to keep in secret. It is said that the head of the family always wears the yellow tie and keep their family business safe, in spite of the growing competition.
Dallmayr, Germany
The other German family is a founder of Dallmayr company to be specialized in coffee trades. The company starts from the 18th century, when they were the coffee traders to supply this product to the Royal Families all over the world. The company circulation is about 400 million EUR per year. They still trade coffee!
ALDI Group, Germany
German company ALDI Group is the biggest chain of supermarkets in the country and other European countries. The founder of the business is the Albrecht family.
Otto Group, Germany
This is the trade company that is specialized in the orders delivery. The company trades the goods in the internet and delivers it to the consumers. The profit is about 15 million USD.
Tetra Laval, Sweden
Sweden differs with the big number of family enterprises. More than 60% of working people are involved in the family business. Tetra Laval is the biggest producer of the aseptic package in Sweden. The head of the company is Birgit Rausing. She inherited this business from her husband.
IKEA, Sweden
IKEA is a family business, philosophy that was inherited by three sons from their father. Everything is doing great: there is no special uniform, everyone works hard and always friendly. Isn’t it a real family?
Missoni, Italy
Missoni Fashion House is also a family business. It started at the end of the 40th to get the highest status in the world now. Whenever you go, you may come to every big Italian city, hire a car in Catania, Rome or Milan and go to find Missoni boutique. It will be there.
Sugarinc, USA
The family couple Lisa and Bryan Sugar gave the greatest example how one can use the nick name as a brand name. They started their business from the special women’s resource www.sugarinc.com. You can find everything for women here: travelling, career, fashion, beauty, family. They started more than 15 websites, devoted to different topics (BellaSugar, YumSugar, GeekSugar and others) to better their profit.
LG Group, South Korea
Probably, you do not know but the LG Group belongs to the Korean family. This company is considered to be one of the biggest South Korean conglomerates. The other prominent family from the same country owns the Samsung Group. This is the biggest family enterprise in the South Korea now. Eastern people are very responsible about their partners. That is why their business is effective.
All these examples are much inspiring. Be simple to get your global aim. So, if you are a programmer and your wife is a writer, you may try to make websites. It doesn’t matter what kind of site – i-shop, blog – it must be interesting and useful for consumers. Programmer is responsible for the site structure and the writer’s part is website content. You see, it is easy!
Ok, let your wife to be a good cook or manicure master. You may help her to make a website-visiting card. What a great idea! It often happens that the family business starts with the website. The lawyer and a cook are able to work on bakery business. The layer knows much about all business aspects and the cook knows what the clients like. The combinations to start your business can be unexpected. So, if you still want to start your family business- go ahead! Who knows, maybe your family is the next in the list of the most successful business families in the world. Why not?