Basic Business Types Explained
What would the advantages and disadvantages of remaining as a privately owned family business with me as a sole trader?
Your family have been in the greetings card business for 35 years now, amassing a great deal of experience in this field; consequently there are certain advantages for keeping the business ‘family run', advantages that you don't often find in other enterprises:
Loyalty: A family has strong personal bonds; through times of hardship a family run business is more likely to stick together.
Lower Costs: When there are shortages in cash flow, family members may be more willing to make personal sacrifices, such as accept a reduced salary or even deferring their wages altogether.
Stability: The goal of building the business for the future family generations provokes long term planning, needed for growth and profitability.
The Principle advantage of such a business model is that as sole owner of the business, all profits go to you.......
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