To have a successful family business, a few things musn't be ignored.
Trust between family members, understanding of a common goal, and 
financial literacy are essential to opening and running a family 
business.

Trust is crucial when running a family business. We must trust our
family members to carry out their tasks without needed to be 
reminded constantly. We must also trust them not to steal money or
resources from the business. The knowledge that you can rely on 
family members and not have to worry is a healthy way to run a family
business.

Understanding and accepting the common goal cannot be overlooked. 
The older generation is likely to have started the business some
time ago with certain goals in mind. The younger generations will be
expected to follow in the footsteps of the older generation and
continue the original mission. However, with with time, the younger
generations will introduce new ideas and technologies. This could 
totally change the direction of the business. To avoid the mistakes
of the Bancroft family, the family that owned the New York Times, a
family must be in agreement about the future direction of their
endeavor.

Financial literacy is the last part of the puzzle and quite possibly
the most important one. Financial literacy means the knowledge to 
make wise and sound financial decisions that will ensure the 
survival and profitability of the business. This means not
taking on too many employees, for example. Paying the wages
of too many employees cuts into profits and operating costs. 
Pricing too is important. If they sell products at too low a price,
they are risking the survival of the business. If they sell products
at too high a price, they will lose customers and that will also
threaten the likelihood the business will survive.

In conclusion, having trust, understanding the common goal, 
and demonstrating financial literacy are the keys to 
running a succesful family business. Without these values, 
a family business with surely fail.