The golden child in a family business is a culture killer.

When a next generation sibling is allowed to take advantage of their position as the son or daughter of an owner in a family business, I know the business will suffer decline in the future. 
There is nothing more soul destroying for all employees, especially when they know the Golden Child is never held to account. It has a detrimental effect on the internal culture of a business and results in a loss of prodcutivity across all sections of the business.
The Golden Child is the one who turns up to work after everyone else, they disappear at various times of the day, they never work back when the pressure is on and they don't follow the company rules and protocols that apply to all other non-family members. It is also normal for such companies to have a high churn rate of employees who leave in frustration.