A clan business managed by relatives

[Alexandoy]

My first job after finishing a short course in computer programming was in a commercial bank. The chairman was the patriarch, the president was the son, some vice presidents are nephews and nieces. In other words, the bank is operated by a clan. In our culture it is common to see or hear of a family business that is run by the parents and children. But for a clan to handle the business is not really customary here.

From what I know as business guru is against such a setup because it is susceptible to friction among relatives. But the bank was doing good and I had experienced the promotion, the bonuses and even the profit-sharing when I was already a supervisor. However, there was a time that the bank was closed for technical reasons. But I know the real score that the president was using the resources of the bank for his own benefit. After many years the bank reopened and I was called. This time I was a bank officer. The chairman was the grandson of the original chairman. The brother of the chairman is a vice president. No other relative was there. It was better than the previous setup.

 

[Yugocean]

The best thing in this experience is, you were considered an important official of the bank, that is why they called you back.
For sure, if Bank is run by relatives only, then it will become hard to punish/fire the wrong doer. Such relatives can even blackmail other relatives which is harmful for both clan and business.
But there is something good with your Bank, you can always make your someone from your family can get job there if there is some vacancy.

 

[btaliat]

I can only accept what you are tying to paint partially. Having business run by family members have nothing to do with the success of the business. Though like you said, I am not against the fact that there may be rift among the relatives some of the time, but the fact remain that they can prevent the friction. We need to know how to relate with one another while at work and while at home.

 

[Jasmine]

If you do a profiling of companies, you will find that a lot of businesses are built by families. When father passes away, it is natural for children to inherit the business. That's how business are run. There is nothing wrong s long s people work professionally and do not treat the business as a private assets.

 

[Mataracy]

Some times when a business is run by a clan or a member of family. There is possibility that the business might grow as its ought to due to they will be managing it.
And if there is detections of any fraud to punish the perpetrator may be difficult due to the family ties.