Be careful when hiring family, friends to your business

If you can't fire them, don't hire them (Photo: iStock)

Many successful family businesses globally hit top levels under the stewardship of the sons and daughters of the founders.

Weaned on business, people like Mukesh Ambani of Reliance Industries, India, and the Mars, Walton and Koch brothers, all of who appear in the top 20 in The Forbes rich list, have inherited their businesses from their fathers.