General business risks

• Corporate Governance
• Economic
• Legal
• Operational
• Personnel
• Political
• Reputational

Family business risks

• Communication
• Compliance
• Family conflict
• Generational differences
• Informality of decision making / lack of formal board
• Relationship (Family and non-family, e.g., employees and suppliers)
• Over-optimism / Over-caution
• Succession Planning
• Unwillingness to take third party advice / domineering personality