Family business:

1. Controlled by family members.
2. Behaviors are influenced by family members.
3. Can also be controlled by family members who aren't direct family members.

Characteristics of successful family businesses:

1. Shared vision, values and goals.
2. Proper planning
3. Well written procedures.
4. Guidelines for success.
5. Ask advisors.
6. Family union.
7. Professional management.
8. Proper governor structures.
9. Business first policy.
10. Future diversification plans.

Challenges:

1. Family rivalry.
2. Glass ceiling (there is no male in the family, only female child to handle the business).
3. Multiple roles.
4. Too much family involvement.