This is a great article published by Kathy Wiseman. In a family business to, outcomes depend in large measure on the quality of the relationships between family members.

Many of the world’s most successful businesses are run by multigenerational families. Christian Dior, Peugeot and Lego are three prominent examples.

By most standards, toymaker Peter Levi's handover of the family business to sons Mark and Jonny was a great success – but even he admits there is never really a "right" time.

Family businesses are complex relational environments. Younger family members are finding their feet in their own careers while older family members carry a wealth of experience.

Family businesses are the backbone of the Australian economy, employing more than 50 per cent of the workforce. They also face unique challenges, with the dynamics of family relationships adding to the complexity of running a business.

Mixing family with business can be tricky, but there are certain frameworks that can be put in place to reduce tensions when disagreements arise.

Just like any other business, a family business will need funding from time to time. Usually, this will be to fund growth, but it might also be necessary to manage liquidity for transitions.

Successfully engaging the next generation in a family business often depends on how well the parents accommodate the personal objectives of their children.

This is a great article by Clare Ansberry in the Wall St Journal. 7 in 10 baby boomers plan to work past the age of 65, where do their children fit in? “At what point does the senior generation reap the reward of all their work? When do they retire?” Often, he says, the answer is never."

The skills needed to manage family wealth are very different from the entrepreneurial skills needed to generate wealth in the first place. As a result, many families delegate the management of financial capital to accountants and wealth managers.

Let’s open up a discussion about family businesses — and what the future holds for them — by digging into the fundamental marriage between our personal and professional worlds.

Clear communication is vital to the success of any business.