Family-run businesses

Introduction

A family-run business is typically one in which more than half the shares are controlled by members of the same family, or one that has been passed between generations.

Starting, leading and working in a family business can bring valuable benefits compared with other businesses - from greater trust between staff to increased flexibility. Without careful management there can also be problems - from poor communication to clashes over pay.

This guide sets out the main advantages that come with running a family business. It also looks at some of the key challenges and suggests ways these can be channelled to become positive forces for business growth and success.

Subjects covered in this guide

• Introduction
• Advantages of family businesses
• Key things to consider when setting up a family business
• Communication and family businesses
• Managing conflict in family businesses
• Pay and benefits for family members
• Draw up a family-business constitution
• Succession planning in family businesses
• Here's how having a family member in the business made a difference

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