Literature review: Classification of problems faced by family business

Family business is significant for the economic growth and development of the country. The objective of the study is to study the various problems of family business. The study is literature review based. Family business faces the prominent problems like complex succession process, unprofessionalism, unhealthy relationship, ownership issues, resistance, gender discrimination, conflicts, conservative in nature, inadequate research and development, improper definition, high influence of family members, management problem. The finding of the study is that nepotism has negative impact on working of family business as new employees are not welcome. Family business does not have the universal definition. Study concludes that decision of family business has strong influence of family members as they hold major share of business.