Key employees
Non-family key employees appreciate and enjoy the unique work environment created by a family in business. The workplace tends to be less formal, as well as more hands-on and personable. It’s not unusual for key employees to be treated like extended family, developing a strong bond with their employers and a loyalty to the business. This often leads to higher employee retention rates, which can also be a major advantage.
Succession
As well as providing career opportunities, family businesses also favour passing the business along to the next generation. The opportunity to be an owner of the family business, or of any business for that matter, can be both motivating and rewarding. Further, family members often become managers and owners at a younger age than they would in a non-family business, as they are groomed for these positions early on. This creates a sense of loyalty and motivation that can lead to a competitive advantage.
