Should I join my family business?

[annshe]

I’m, 20. A final year economics graduate. My family (of four) runs a retail store in a small town. The store makes decent money (in multiples of what I would be able to make if I go for a job in say consulting, after college).

I intend to expand the retail business to nearby towns and cities and hopefully take it online at some point in the future.

But I’m unsure if I should:
a) not go for any further studies and straight up join my family business
b) go for an MBA, understand how business operates, and then join the business
c) work for a bigger player of my trade, understand their functioning and then work on my family business’s expansion.

Points to be kept in consideration:
a) Being an undergraduate is stigmatised, people think of you as being inadequately educated
b) I am not sure whether I would be able to work with my family. Multiple generations often have varying opinions on any subject which causes unnecessary conflicts

 

[cavwda]

@annshe Plan B sounds like the worst. You certainly don’t need an MBA to work for your family’s business. It would be of limited utility for your needs there.

A or C just really depends on you making the decision to work with your family or not.

 

[tseleng]

@annshe Being fresh out of a ba or ma you are undereducated because real world has nothing to do with your education. I think you have a wild overestimation of your abilities after being in school. There is a reason you intern for a few years in business, law etc. And economics especially isn't going to have taught you anything about small business, you may a well have gotten a philosophy degree.

I highly recommend getting a job with another company as an intern for a bit. If you can't, then lean on the family business.

 

[justarandomguy]

@annshe I personally did C. I graduated and worked for 3 years both freelancing and for major corporations. Got an offer from the family business and started at the absolute bottom. I even took a pay cut to be at the family business. Now I'm a partner and me and my Father get along pretty well so far. If you don't get along with your family then don't do it

 

[dsx]

@annshe A lot of the answer lies within family dynamics nobody else is privy to. I'd suggest now is the time to get with family members and see what they advise -- rather than unveil some plan they had no part in and no prior knowledge of.

The way to become sure you can (or can not) work with your family is, well ... work it out. Best find out before you start making decisions in their absence.