Final answer:
Family-run businesses often succeed by keeping ownership within the family, innovating constantly, and ensuring that only competent family members are involved in the business operations.
Step-by-step explanation:
Owners of family-run businesses credit their ability to succeed over many generations to several key practices. One such practice is keeping the business ownership in a direct line of inheritance. This ensures that the business stays within the family and continues the legacy that has been built over the years.
However, it's critical to balance this with the need to innovate constantly, adapt to market changes, and stay competitive. Some also emphasize the importance of not just hiring family members but also making sure to exclude those who are incompetent, as maintaining a high standard of business operation is crucial for long-term success.