Inquiry research...

I have done research on family run businesses and stumbled upon this website which I have found really helpful:

http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1074039321

I have put a demonstration of the information of what is given on the website below, happy reading!

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.

Advantages:

• Common values - you and your family are likely to share the same ethos and beliefs on how things should be done. This will give you an extra sense of purpose and pride - and a competitive edge for your business.
• Strong commitment - building a lasting family enterprise means you're more likely to put in the extra hours and effort needed to make it a success. Your family is more likely to understand that you need to take a more flexible approach to your working hours.
• Loyalty - strong personal bonds mean you and family members are likely to stick together in hard times and show the determination needed for business success.
• Stability - knowing you're building for future generations encourages the long-term thinking needed for growth and success - though it can also produce a potentially damaging inability to react to change.
• Decreased costs - family members may be more willing to make financial sacrifices for the sake of the business. For example, accepting lower pay than they would get elsewhere to help the business in the longer term, or deferring wages during a cashflow crisis. You may also find you don't need employers' liability insurance if you only employ close family members.