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Enjoy : sense of working for self.
Difficult: leaving the comfort zone.
Regrets: No
Chief
Personally don’t touch family businesses
Apart form having to deal with company politics you’ll have to deal with family politics which can get much more vicious
Chief
If it’s owned by your family it just means you’ll be even more immersed in the family politics
Ultimately I think it’s a good idea to join your family business but it’s always get to get some external validation (which you already have at McK) that will allow you to grow the business more
Watch Succession on HBO before you make the move .
Yes.
Pro: your time is your own, your success/failure is up to you, you have a chance to truly impact something and leave a mark while doing work you enjoy (most of the time)
Cons: family disagreements don't always stay within 9-5, work/life balance is not a thing, you will talk business over holiday dinners, and in years where it's tough and business is slow, you will take the financial hit, sometimes in a serious way. You will be COO/HR/IT/BusDev/Markting all the time even if you have people in those roles. You may have to fire family members.
Regrets: zero
i’ve been doing real operational and ownership work since age 15 at family businesses and only went into consulting for the experience.
cons: you WILL work long hours. everyday.“work” does not leave your mind magically at 5pm everyday. it’s something you constantly think about
pros: if you’re gonna work long hours in both consulting and business, choose business and make all those extra hours count towards something meaningful in life that you can pass down generations instead of letting some firm capitalize on you
i wont regret leaving in 12 months. not one bit.