There are many pitfalls in family businesses: nepotism, feuds between relatives, as well as the mythologies that swirl around the leaders. Take, for example, Rupert Murdoch, a towering figure in charge of a vast media empire whose children, standing in the shadows, are often portrayed as pale substitutes.
The author describes how such myths can be damaging. Larger than life, the leaders of a family business bring with them stories of heroism and history. Their successes seem impossible to replicate.
There is good reason for wanting such companies to do well. Family businesses are important to the economy. According to the not-for-profit Institute for Family Business, two-thirds of UK businesses are family-owned; they generate more than a quarter of UK gross domestic product and employ about 9.9m people.
