Family-owned companies are good not only for the families involved, but also for both the local and global economies. However, many find it hard to survive. Around a third of the 100,000 family businesses that are passed to the next generation each year subsequently fail, while many small business owners struggle to ensure that they are financially independent from their businesses when they retire.

There are advantages and disadvantages to running any business, from a small business to a larger, publicly traded company. However, family firms come with their own unique advantages and challenges. Here we delve into the pros and cons of running a family business, along with tips to capitalise on the positives, and overcome the negatives.

Economic downturns and other challenging times can be a struggle for many businesses, where the board of directors needs to work out how to keep the business afloat while still paying staff. In family firms, however, it will often be the case that family members are willing to contribute financially to keeping the business afloat during times like these but of course all the family has to beware of any part of the business and get business protection for the sake of the future.

It may be that this involves taking a temporary pay cut, contributing some of your own finances, or handling your payroll more efficiently. For the family behind the business, long-term business success is crucial to their financial survival, which gives more flexibility where finances are concerned.

AutoZone says the couple is using the word “zone” in its name. The company claims the Hamms can’t do that.”Do you think that’s right?” I asked. “No, of course not” Hamm replied.In the letter, AutoZone accuses this mom-and-pop business of trademark infringement. It claims consumers could confuse this family shop of being affiliated with AutoZone.As a result, the letter demands that the Hamms change the name of their business, so it does not contain the word “zone.”AutoZone also wants the Hamms to give up all of their website domain names and hand them over.”This is how we pay our bills,” William Hamm said. “This is how we raise our kids. We are a ma-and-pa shop. They’re attacking us. That’s how I feel.”

Source: Small family business says it’s intimidated by AutoZone – azfamily.com 3TV | Phoenix Breaking News, Weather, Sport