The hit US drama Succession may have painted a compellingly fraught picture of life inside a family business, but not every commercial dynasty is as dramatic and dysfunctional as the feuding Roys. On the contrary: many entrepreneurs find inspiration – and even comfort – in setting up shop with the relative who knows them the best.

And their chances of success look pretty healthy too. Research released last month by the law firm Boodle Hatfield shows that the UK’s top 100 family businesses held up far better than many of their rivals during the pandemic, with turnover dropping just four per cent in 2021 compared with an average 11 per cent decline for all UK businesses.

As Fiona Graham, from the Institute for Family Business, says: “You’re more likely to go above and beyond in challenging times when you work with family.” And relatives often have an instinctive sense of what is really important to their colleagues, and great reluctance to let them down. “You have a shared sense of purpose and you know why you’re in it together – that makes these businesses very resilient.” In addition, she says the move towards buying local and from family-run firms during the pandemic provided a real boost for many small businesses.

“Everyone now wants to work in a company that has a strong sense of purpose, good values, long-term thinking and a positive culture – these are all things that often come naturally with family businesses,” Graham says. “The younger generation can get a huge sense of purpose from that and it appeals much more than going to work for a corporate firm where you can often feel as if you are just a faceless name on a spreadsheet, a tiny cog in a huge wheel.”

Here, three sets of multigenerational entrepreneurs talk about shared success, inevitable clashes and why it’s important to keep “family time” sacred…

Top tips for starting a child-parent business 

Thinking of going into business with your child or parent? Fiona Graham, from the Institute for Family Business, has this advice: 

1. Decide and understand the roles that both of you are taking on. Even better, put them down in writing
2. Set boundaries around work and family time. Running a small business can quickly become all-consuming so it’s important to have fun together outside of work
3. Leave any emotional or family baggage at the door.
4. Family members often inherently know one another’s values or motivations but it’s important to communicate these out loud, especially if you start bringing in employees from outside the family, otherwise you risk leaving some of your team out in the cold
5. If you’re starting a business with one of your children, be clear and open about why and whether other members of the family are able to join. This will help prevent accusations of favouritism
6. Find a network of other family business owners. Running a family business can feel very personal but many others will have faced and overcome the same challenges
7. It’s never too early to start thinking about succession planning. Make sure your ambitions for the future are aligned

‘We jumped in with both feet and hoped we wouldn’t drown’

Charlotte Bordewey, 32, and mum Sue Brookes, 70, from Herefordshire, knew nothing about laser cutting or engraving when they decided to launch their own small business together.