Started a business

Hi all, long time lurker but joined because I have a question I haven't been able to find an answer for.

Several years back, when I was still in college, I started a business. Nothing major, but it has become rather successful and provides for income that has far exceeded offers elsewhere. I eventually brought in my family and it has now become a family business. I am in charge of everything top to bottom, but I already began the process of ceding everything to my father and older brother, as I wish to pursue other endeavors, mainly business school (as a stepping stone to something else).

And so my question: would it be best to present my experience as having started the company, or as an employee of the company in some sort of management capacity?

My concern stems from the background checks that schools will conduct and do not want my experience there to be belittled because there is no HR department anyone can call. I've read on here that I can have suppliers and clients write letters of recommendation, attesting to the business I engage in and even some of the financials (my personal relationships with both clients and suppliers has been critical to my success), I just don't want to ding myself by not considering all possibilities/not being prepared for everything.

Thanks in advance!