Family Business
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A Family Business is a Commercial Organization in whose business owner is a human family.
- See: Entrepreneur.
References
2015
- (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/family_business Retrieved:2015-7-22.
- A family business is a commercial organization in which decision-making is influenced by multiple generations of a family — related by blood or marriage — who are closely identified with the firm through leadership or ownership. Owner-manager entrepreneurial firms are not considered to be family businesses because they lack the multigenerational dimension and family influence that create the unique dynamics and relationships of family businesses.
2001
- (Chami, 2001) ⇒ Ralph Chami. (2001). “What is Different About Family Businesses ?." IMF Working Paper No. 01/70
- ABSTRACT: Family businesses make up forty percent of the Fortune 500 companies in the US, generate about two-thirds of the German GDP, employ about one-half of the labor force in Britain, and account for the majority of the private economies in developing countries. This paper develops a theory of family business that brings market forces and the family, as a nonmarket institution, under one rubric. The paper highlights and analyzes important factors, including product market competition, trust, and succession, which allow family businesses to thrive and to successfully compete with other businesses.