Family-owned businesses account for the majority of the world’s wealth. However, as with any other type of business, there’re both advantages and disadvantages associated with running a family business. Let’s move forward to discover them and see who can best help you with a merchant loan.
Advantages and Disadvantages of Running a Family Business: Merchant Loan
According to a 2019 survey by Deloitte, which polled 791 executives of family-owned businesses from 58 countries worldwide:
- 43% had annual revenue of less than the U.S. $50 million
- 37% had between the U.S. $50-250 million
- 16% had U.S.$ 250million-1billion
- 5% had the U.S. 1 billion or more
If you need additional funding for your family-owned business, just consider turning to a reputable alternative online lender in your field. This is the fastest and cheapest way to get access to the funds you need, including a merchant loan. Make sure the rates are among the cheapest in the space.
Pros of Running a Family Business:
- Greater incentive to work harder
- Strong commitment
- Loyalty
- Stability
- Common values
- Trust and authenticity
- Flexibility and versatility
- Vision and long-term goals
- Your family’s under-aged children involved in the business can bring your some tax advantages
- Since your family