Building business. Concept image of developing growth strategy.As a family business changes and develops, the way that decisions are made may need to change along with it. Choosing a control model simply because it’s the way that things have always been done may not be enough to assure the success and longevity of a family business – especially as the number of owners grows. This is the reality faced by many family businesses moving beyond the first generation.

The article “The 5 Models of Family Business Ownership,” by Josh Baron and Rob Lachenauer in the Harvard Business Review, discusses five different ownership and control models often adopted by family businesses at different stages and why choosing the right one can be good for business and for family.