I think the advantages of family business is that it is easy to inherit the traditional policies from parents. For most of their sons or daughters usually see their parents running company what for and what thoughts and ideas they are according to from early in the child.
Also there are some disadvantages of this measure of management. One of it is that if their children haven’t sense of managing, their company would be bankrupt however enthusiastic they are. Other is that in terms of diversity this running style is unfit to current social affairs so it also may be bankrupt.