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Top 13 Challenges of Family Business

Despite its seeming ease of start-off and preference, family businesses are faced with some bundle of challenges as research over the years has established. Notable among them according to Onuoha (2016) include;

1. Unincorporated enterprises
2. Lack of succession plan
3. Unawareness of government policies
4. High operational costs
5. Financial constraints
6. Poor infrastructures
7. Competition
8. Multiple taxes
9. Lack of known core values
10. Poor retirement programme
11. Mortality rate
12. Socio-cultural attitudes
13. Technological dependence