The viability in family business being the essential criteria to run it, many families ignore the concept and attach much importance to sentiments. Of course, the family involvement, its reputation do count. Business is for profit. As such the monetary consideration comes into the fro.As times change the perception undergoes a metamorphical transformation. The orientation also has to change.
If the core business goes through a hard phase.That has to be considered seriously. If need it has to be set aside, wound up and liquidated or the face has to get a lift. it could be old wine in new bottles or new wine in new bottles. It depends on the circumstances.It banks on the prudence.
The time you make up your mind is the crucial factor. If dilly dally then the business would eat you up. Procrastination should not be there. The moment you decide the same moment you execute. Then you save money and time.
That is not the end of it. With the realized money go in for a catch. A business that would earn you
revenue and would be lucrative.You should have done the homework earlier.A quick action and a swift transformation would yield benefits.
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