A family vending machines business can be successful for new and existing business owners. However, it has advantages and disadvantages, and a succession plan is essential.
Advantages of a Family Vending Business
- History of working toward common goals at home
- Each person is committed to business and family success
- Simple and effective organizational structure
- Already know the strengths and weaknesses of coworkers
Disadvantages of a Family Vending Business
- Lack of openness
- Rivalry for leadership, rewards or recognition
- Leading with emotions instead of business sense
- Mixing personal and business interests
- Less rigid about consequences for poor performance
From the beginning of any family business venture or three years before a senior leader retires, a succession plan should be put into place. For success, businesses should make new leadership decisions based on talents, abilities, job performance and skills rather than seniority or sentiment. Then, new leaders should be trained to run all aspects of the company, from marketing and sales to bookkeeping and Human Resources.
Operating a family vending business with new and used vending machines for sale has both advantages and disadvantages. Understanding these factors in advance and creating a succession plan minimizes frustration and maximizes success.