It is true that family-run businesses have never stopped gaining in popularity around the world. Although this model is applauded by many experts, there still exists many limitations. On the one hand, there are a number of advantages of a family-run business. First, since the business is operated and overseen by family members, such as children and wife, or relatives, it is difficult for any outside parties to steal away the control of the business. This means that the family has an absolute power and control over strategic decisions, staffing, or payroll, which will certainly be of great benefit to all family members. Second, since family-run businesses are private corporations, they are not subject to complex financial reporting requirements. As a result, the business can save a great deal of money on hiring a team of professional accountants to prepare external reports and deal with government stakeholders. On the other hand, family-run businesses are not without do...