A family business is a business in which one or more members of one or more families have a significant ownership interest and significant commitments toward the business’ overall well-being.
In some countries, many of the largest publicly listed firms are family-owned. A firm is said to be family-owned if a person is the controlling shareholder; that is, a person (rather than a state, corporation, management trust, or mutual fund) can garner enough shares to assure at least 20% of the voting rights and the highest percentage of voting rights in comparison to other shareholders.
Some of the world's largest family-run-businesses are Walmart (United States), Samsung Group (Korea), Tata Group (India) and Foxconn (Taiwan).
Read more about Family Business: Definition, Problems, Structuring, Scenarios, Succession, Success, Family Business Research, Examples of Family Businesses
Famous quotes containing the words family and/or business:
“Female Virtues are of a Domestick turn. The Family is the proper Province for Private Women to Shine in. If they must be showing their Zeal for the Publick, let it not be against those who are perhaps of the same Family, or at least of the same Religion or Nation, but against those who are the open, professed, undoubted Enemies of their Faith, Liberty, and Country.”
—Joseph Addison (1672–1719)
“The sun was shining on the sea,
Shining with all his might:
He did his very best to make
The billows smooth and bright—
And this was odd, because it was
The middle of the night.
The moon was shining sulkily,
Because she thought the sun
Had got no business to be there
After the day was done—
“It’s very rude of him,” she said,
“To come and spoil the fun!””
—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)