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DECODING “FAMILY BUSINESS” PRACTICES

Written By: Salman Zafar  Today's Industry is dominated by Family businesses and among some of them has grown to conglomerate and contributing much in the development and growth of economy. Providing employment opportunity in formal and informal sectors and trying to survive in turbulent recession times. However working in Family owned businesses is challenge for those who are not family members. Merits Some companies treat their employees as true assets and they treat non family members like family members, provide them growth and opportunity to move forward. It can be less stressful as compared to multinational companies, there are not much layers of approvals, if you need to get approval of project/task or initiative, normally you don’t have to convince a lot of people and you can quickly go to single decision maker. Family runs business have strong control over expenses and even in most turbulent financial downtime they survive. If you are in good bo...