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. However, without careful management there can also be problems - from family members lacking critical skills, 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.