In my opinion, the pros of having a family business overweigh the cons.
The first advantage is that family never deceive each other. In contrary, they stand by each other, which contributes success to their business. Moreover, the profits turn to the family members, and thus, their business may thrive and expand.
On the other hand, family business can suffer from a serious drawback. If a family member became greedy, this would put the whole business in danger. The reason for this is that this person can steal and cheat in order to get more money. In this case, the business may collaps and the family loses everything.