Family businesses must ensure that they have good relationships, according to one expert.
The Federation of Small Businesses (FSB) said this week that it was vital that understanding the differences between business needs and family relationships was vital if an enterprise was going to succeed.
A spokesman for the FSB said: "If [your business is] going to be successful, you have to have some kind of detachment from the needs of the business and family relationships."
He suggested that formalising a succession plan as opposed to "going on family relations to work things out" would make both working and family life easier.
"Succession planning even when its within the family has to be done," he concluded.
Research by the Department of Trade and Industry revealed that each year around 100,000 small and medium-sized businesses collapse due to lack of an effective succession plan.
