Family ties can create a formidable force within a business and family firms are notorious for their long term thinking, passion for what they do and drive to fulfil everything that comes from having your name above the door.

Having said that, there are plenty of examples too of families where relationships have broken down and the business has ceased or been sold.

Succession planning remains one of the main challenges for the family business sector and introduce the right frameworks and governance structures to deal with emotional issues that arise and could otherwise derail progress.

The burden of responsibility is often a driver for sustainability and resilience as many a leader will have been heard say 'it is not going to stop under my watch' and so the pressure to continue builds.

I am a strong advocate of the values that underpin family firms and when channelled in the right direction with the right leader at the helm they can be an unrivalled force.  Family firms take the long term view and in many cases act as stewards for the next generation but that does not make them dinosaurs - they plan for the future, recognise and address the needs of the business and the successful family firms continually innovate and improve the ways that they do business to give them the best chances of success in the future.