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You’ll be working for the family not the firm. As long as you’re comfortable with that it will be fine. But the family’s word is law.
I’d personally be weary of it because there is not much you can do do protect yourself if they are messing up and blaming you, don’t like you, etc. sure you can document but the odds of the parents or siblings being completely objective are low
I've worked in family-owned companies and have consulted for them.
The family's word is law 100% of the time. You need to be liked by the correct family member(s). Succession plans tend to be messy affairs.
There is an obvious ceiling to roles you can get to.
It is somewhat better when there is an actual board of directors that include private investors. Not significantly, but there's folks that can step on the brakes.
On the plus side, the popularity game's players are easier to identify. The people who approve budgets are more obvious.
There's rare, RARE instances where the family is top notch. The workplace's culture reflects it.