WE NEED TO look at modern family businesses from a different perspective than the old families. A fair bit of transformation and professionalism is happening there. But they are grappling with succession—in essence, how a family structure, or a family without a formal structure, runs a business moving forward. We are seeing this struggle in a number of business groups.
But the most interesting thing in terms of family businesses will be the new start-ups. All of these began as a single person starting a firm, or a husband-and-wife
