3 ms·

If you look at any decently sized local shops or services like family owned restaurants, landscaping, etc. they are probably millionaires and will likely tell y

If you look at any decently sized local shops or services like family owned restaurants, landscaping, etc. they are probably millionaires and will likely tell you its worth it. You don't have to be a tech founder to be an entrepreneur or get millions, if you want a billion maybe. Pros are not working for the man and financial freedom.

kwere 4y ago
family owned businesses usually are asset rich, "rarely" cashflow/cash rich (when they are they tend to increase a lot good/bad capital expenditure and lifestyle , as decisions are shared). Two different things. Culture in a co-owned business is often more rewarding /enjoyable/ flexible (not often a good choice) than being an employee or a funded entrepreneur. Passing the torch is also a big factor of personal pride. Economically is probably not often that smart as skills are not usually transferable. Better to build a career base outside and join later or biuld a trade inside (management skills also if medium enterprise). At least this is my experience as 3rd generation "small" business heir in europe.
- Jugurtha 4y ago
  For more context on the reason "small" is put in quotes in the parent comment, "small business" or "small and medium-sized enterprises" definitions vary from country to country. A "Mittelstand" is defined as annual revenues up to 50 MM Euro and a maximum of 500 employees. https://en.wikipedia.org/wiki/Mittelstand https://en.wikipedia.org/wiki/Mittelstand https://en.wikipedia.org/wiki/Small_and_medium-sized_enterprises https://en.wikipedia.org/wiki/Small_and_medium-sized_enterpr... [French for SME]: https://fr.wikipedia.org/wiki/Petite_ou_moyenne_entreprise https://fr.wikipedia.org/wiki/Petite_ou_moyenne_entreprise
yakak 4y ago
True, though I know a few families that were ruined by this path. Things like your house can often end up becoming leverage because you are afraid to lose the lifestyle you are used to, and it's easy to take your eyes of the road when it has started to seem monotonous.

kwere 4y ago

family owned businesses usually are asset rich, "rarely" cashflow/cash rich (when they are they tend to increase a lot good/bad capital expenditure and lifestyle , as decisions are shared). Two different things. Culture in a co-owned business is often more rewarding /enjoyable/ flexible (not often a good choice) than being an employee or a funded entrepreneur. Passing the torch is also a big factor of personal pride. Economically is probably not often that smart as skills are not usually transferable. Better to build a career base outside and join later or biuld a trade inside (management skills also if medium enterprise). At least this is my experience as 3rd generation "small" business heir in europe.

Jugurtha 4y ago
For more context on the reason "small" is put in quotes in the parent comment, "small business" or "small and medium-sized enterprises" definitions vary from country to country. A "Mittelstand" is defined as annual revenues up to 50 MM Euro and a maximum of 500 employees. https://en.wikipedia.org/wiki/Mittelstand https://en.wikipedia.org/wiki/Mittelstand https://en.wikipedia.org/wiki/Small_and_medium-sized_enterprises https://en.wikipedia.org/wiki/Small_and_medium-sized_enterpr... [French for SME]: https://fr.wikipedia.org/wiki/Petite_ou_moyenne_entreprise https://fr.wikipedia.org/wiki/Petite_ou_moyenne_entreprise

yakak 4y ago

True, though I know a few families that were ruined by this path. Things like your house can often end up becoming leverage because you are afraid to lose the lifestyle you are used to, and it's easy to take your eyes of the road when it has started to seem monotonous.