Family Business is a business that is owned, controlled and operated by the members of one or more family members. Family Businesses are conducted generation after generation. Usually in the Family Business family members are at the top management in the businesses and they employ people from outside for work in the organisation. Family business is that business in which a majority of the ownership or control in the hand of family members. Family business is the complex system. With the modernisation in corporate world the family business face various challenges like Succession issues, Identity development and Sibling rivalry, Technical problem, Competition, Have unfair reward system, Difficulties to attract outsider professional. The Indian family business is mostly managed by the owner of the business and maximum number of business in India is centralized. Most of the family business is controlled by the creator of business and the head of the business. Now day’s India has the highest share of family businesses in Asia and 663 out of 993 were listed family businesses in India.