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My Bottom Line: Tim Wates, Wates Development Group

25 January 2013 Last updated at 16:56 GMT

Tim Wates is chairman of Wates Family Holdings and is the fourth generation family member to be working in the business.

The construction and development group was founded in 1897 and turns over £1.2bn a year.

Here he explains how invaluable it is to share experiences and learn best practice from other family-owned firms.

Tim appeared on The Bottom Line which is broadcast on BBC Radio 4 and BBC World Service. Listen again via the download or watch it on the BBC News Channel.

Find more business wisdom from other chief executives on the My Bottom Line website.