fbpx

A Friend’s Story As A Family Owned Business Problems Example

by Tasos

}

Feb 8, 2016

The Digital Marketing Game Has Changed

The Web 3.0 Future – The Power of Questions and Quiz Funnels

|Building QUIZZES for Clients June 24 |

2022 Quiz Funnel Masterclass 3.0 OPEN

Web 3.0 Documentary & Contest

Live Documentary: Building a quiz funnel & The Live XP Funnel (never revealed)

Daily Reports, News, Events, Announcements, Resources, Guides, Downloads, Book an interview

(technical issues resolved)

++ LIVE DOCUMENTARY Part 3

Building a quiz funnel with the Ask Method of Ryan Levesque and enhancing it with the “7 Ideals” live event framework.

Here’s an overview of the live xp funnel and the diagrams.  

More videos will be released today as we speed things up.

Money 2022

36+ Experts 9 Episodes Prizes, Bonuses, Free resources

Tasos Perte

“7 Ideals” methodology

What’s coming up for the next 2-3 months and news regarding the beta group (unofficially opened)

**Stay tuned on the blog, we release a series of articles, webinars, to discuss zero and 1st-party data, new ways of positioning as movement makers, new ways of running ads, new sales funnels, new frameworks**

We are prepared.

Re-writing a section of the main framework at the moment and a surprise new underground strategy for only a few of us.

More people are joining me. I can’t thank you enough!

Heading for interviews laughing

Problems in business are very common. But when problems arise in family businesses, the results are often catastrophic.

How many times have we witnessed such sad incidents?

There is nothing worse than having a family fight over the business, position, money.

There are many cases where lives were lost.

The power of money is unlimited, it even transcends family ties.

We created it so that we could trade and improve our lives, but we could not control its influence on us and let it dominate us.

We put more emphasis on acquiring material goods instead of investing in human relationships.

But while money is omnipotent, it does not have the power to buy everything.

A little oxymoron!

Today I want to share a friend’s story as an example to avoid.

Example of Family Business Problems

The beginning of the problem

I have been following his story since the problem started. And that was 10 years ago. I know this experience cost him a lot, but on the other hand, I believe he now has a future ahead of him.

He was working in his father and uncle’s factory, a local business with local customers. The two brothers started this business 25 years ago.

But both brothers were married and soon their children grew up. My friend is the youngest of 2 brothers, but the only one involved in the company.

On the other hand, his uncle has 3 sons, and they all participate in the company.

At some point in the future, the factory would be divided into 4 young men. My friend would have 50% (his father’s share) and the other 3 brothers (uncle’s side) would have to share the remaining 50%.

And that was the reason that sparked an ongoing battle between the two elderly brothers. His uncle believed that his sons were at a disadvantage. They were three against one and had to share 50%. But he could not legally support it.

The law is clear, the percentage of one of the original partners is shared among his descendants, regardless of how many they are.

And everything changed

This was something the friend’s uncle should have thought of earlier as the father of 3 boys. He knew the plant could not feed so many families. Maybe he could motivate one or two of his kids to other businesses.

His uncle started stealing money from the company to buy real estate and for personal expenses.

He was not present on time, he was late, he did not show up other times, and he left his older brother and my friend to deal with the workload and obligations alone.

His sons were aggressive and almost violent against my friend.

Eventually, the uncle started a new identical business with a new name in the same area trying to get as many customers as he could from his brother and blamed him.

The consequences

Now the 2 brothers do not talk to each other. The 4 young men, the children, did not exchange a word all these years.

In addition, everyone had to face an inevitable marathon of courts.

They lost money, reputation, and customers. But above all, they lost their composure. And they ruined their relationship.

But things could have been worse, fortunately, no blood was shed.

What can we learn from this story?

When starting a new business with a partner, in this case, a family member or relative, we need to look to the future. If this business is going to last (and why not? That’s the ultimate goal of any business, to last) then new members may be involved. Children, spouses, or other relatives.

We must be prepared for change. Psychologically and financially.

In this case, what is the mistake of the 4 young men? None, they inherited a problem.

It was sad to watch my friend talking about it. Two brothers who once joined forces and looked to the future with hope and managed to build a profitable business that lasted almost 30 years, broke up in the worst way. Everyone was trying to protect their children.

A healthy business with a big brand was disbanded. My friend did not choose it, he could not do otherwise, he was a young boy when he started working there.

But can we be fully prepared?

Well, no one can answer so easily, no one can predict the future. Even if we are prepared, some problems may arise.

As a rule, if you can avoid working with family members and relatives, do so. It is best to create something yourself or with the help of an external partner or co-founder.

If we can leave the family out of business so much the better. A family must remain united, in every way.

We know the power of money and how much it corrupts our souls and alienates us.

Far and beloved…as the saying goes.

Interesting Statistics

About 70% of family businesses fail or are sold before the second generation gets a chance to take over.

Only 10% remain active to lead the third generation, and this happens in private companies.

Unlike public companies, where the average term of a CEO is six years, many family businesses have the same leaders for 20 or 25 years, and these extended terms can increase the difficulty of coping with changes in technology, business models. and consumer behavior.

%

Family businesses that fail before the 2nd generation takes over

%

Active private companies led by the 3rd generation

Average term in years of managing directors in public companies

Average term in years of managing directors in family businesses

Instead of being a small part of the global economy, family businesses make up 80-90% of all businesses worldwide.

%

The percentage of family businesses worldwide

We Teach

Marketing & Business

Live on Zoom

Your host: Tasos Perte Tzortzis

Schedule an interview so we can evaluate where you are right now, your needs and goals, and we'll give you a detailed analysis of how the workshops work

*30-Day Free Trial

Epilogue

I hope you are inspired by this story and use it as an example so that you do not get involved in adventures with your family business.

“As we can see from the statistics, family businesses are the majority.

Business problems are inevitable and ongoing, we must act prudently, decisively, and take our responsibilities.

Because in case of financial or personal disputes the consequences can be tragic.

Another article has finished, here on WebMarketSupport. I am waiting for your comments and your thoughts. Till next time.

Tasos Perte Tzortzis

Tasos Perte Tzortzis

Marketing Consultant, Creator of the "7 Ideals" Methodology

Although doing traditional business offline since 1992, I fell in love with online marketing in late 2014 and have helped hundreds of brands sell more of their products and services. Founder of WebMarketSupport, Muvimag, SummerDream.

I enjoy reading, arts, science, chess, coffee, swimming, Audi, and playing with my kids.

Web 3.0 future symposium video banner
money revealed 2022 revealed films video banner
7 ideals banner 666
flippa marketplace
roobet-may-2022-250x250
photovibrance announcement image 2 easy to use ui
marketing publishing mastery private training workshops featured banner
VIDDYOZE THE $50 PRODIGY SIDEBAR
Postcards by Designmodo
fade to black joey xoto
wealthy-affiliate
Divi WordPress Theme
Bulletproof your Domain for $4.88 a year

Find a domain starting at $0.88

powered by Namecheap

Archives

2 Comments

  1. Daniel Lara

    Hi, Tasos! I lived a similar (albeit much less intense) situation in my family and have decided on the same thing you suggest: never do business with family. Even though everything may start based on the best intentions and ideas, you never know what is going to happen down the line. If the business perseveres and lasts for a long time, eventually you start having external influences and opinion from wives, husbands, offspring and all sorts of complicating factors that can easily disrupt the established context in the beginning.

    Reply
    • Tasos

      Absolutely Daniel , family businesses are a great risk.Although they all start under the best conditions a possible fight in the future can be proved painful for all.

      You made a wise decision leaving family out of business , this can ensure that all the members stay united.Family is above money.

      Thank you for stating your personal experience here with me.All my best.

      Reply

Submit a Comment

Your email address will not be published.

Join Our Newsletter

Get access to marketing and business training, sales secrets and personal stories from the entrepreneurial world, downloads, exclusive discounts and bonuses, and the newsletter to scale your business

Exclusive Access To The “7 Ideals Methodology” Only For Our Subscribers

Get HOT Updates Daily

Read More

Latest Posts

2022 Quiz FunnelMasterclass 3.0 Open

Ryan Levesque, Inc. 500 CEO of the ASK Method has opened the doors of the "QUIZ FUNNEL MASTERCLASS" training program but only FOR A FEW DAYS 

 

It's a proven step-by-step blueprint to help brands and aspiring entrepreneurs connect with their audience on a deep level by discovering what people really want through quizzes and questionnaires.

Superior training, unparallel dedicated support, first-class enterprise software - Bucket.io

---------------------------------------------------------------------------------------

Video walkthrough, quiz funnels in action, free downloads, the power of quiz funnels, choose ask build challenge review

quiz funnel workshop review, training material, official bonuses, payment plans, guarantee, ratings, 

MY EXTRA HUGE BONUS will be announced tomorrow

You have Successfully Subscribed!

The Magic of the "7 Ideals" methodology (beta)

The Magic of the "7 Ideals" methodology (beta)

We are opening up a beta group so you can test a part of our methodology at no cost!

With our value-driven customer-centric strategy and our proprietary frameworks, the marketplace is going to change.

 

The main framework of the method is explained in detail

We also released the basic principles, the most important part, and the story of how we got here.

 

We are introducing a special form of live events that no one is using and that will help your brand thrive and impact the world.

Plus we have developed a revolutionary funnel strategy that is going to shake the marketplace. 

Become one of the first new-wave business owners that deliver a superior user experience due to our secrets.

LIMITED SPOTS (we kick off this month)

 

We'll explain everything in an upcoming webinar but in the meantime, you can...

 

Book a 30' video-call interview on the next page, to help us understand where you are at your business right now, your needs and goals, and we will give you a detailed analysis of how the beta group works.

You have Successfully Subscribed!

[WEB 3.0]Live Annual Quiz Funnel Workshop + CONTEST + Interviews

Are you still doing marketing the way you did last year? There's only 1 currency in the new world, TRUST.

To build trust, we need to start listening, being curious, and asking QUESTIONS.

The best way to use questions online is QUIZ FUNNELS.

Meet Ryan Levesque - INC 500 Ask Method Company & Bucket.io, the master of quiz funnels. 

 

Live Annual Workshop to choose your quiz topic, come up with your big idea, your questions, and you'll build your quiz in real-time.

Funnel templates, 90+ pages of real-life quiz examples, step-by-step blueprint, visual guides, schedule an interview

A series of live events & training to gain a huge competitive advantage.

 

CONTEST - 1 lucky brand wins a quiz funnel creation & enhancements 

Tasos Perte Tzortzis - Founder, WebMarketSupport, creator of the 7 Ideals" methdology

You have Successfully Subscribed!

MoneyRevealed 2022 by Revealed Films

 

Joni us on June 7th to answer the big burning question of 2022....what the heck should I do with my money right now?

Epic free docu-series by the masters with 36+ top wealth experts, millionaires, billionaires, avid investors, real estate experts, NFTs experts, crypto experts, financial advisors, and creative entrepreneurs. on how to prepare for the upcoming economic collapse.

It affects everyone.

Exclusive bonus inside.

You have Successfully Subscribed!

Pin It on Pinterest

Share This