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:
“... what a family is without a steward, a ship without a pilot, a flock without a shepherd, a body without a head, the same, I think, is a kingdom without the health and safety of a good monarch.”
—Elizabeth I (1533–1603)
“I know [my label], in any case: a double face, a charming Janus, and underneath, the house motto: “Be wary”. On my business cards: “Jean-Baptiste Clamence, actor”.”
—Albert Camus (1913–1960)