This Practice Note considers the types of owners in a family business and, in particular, the difference between ‘value-out’ owners and custodians. The differing attitudes of these different types of owner to selling shares and to selling the business is discussed, as are other issues such as whether spouses should be made shareholders or not and whether all shareholders should be required to work in the business. The Practice Note also considers the possibility of consolidating ownership in family branches and the setting up of a Shareholders’ Assembly or Shareholders’ Council as a forum for owners to agree policies governing ownership.