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:
“No wealth can buy the requisite leisure, freedom, and independence which are the capital in this profession. It comes only by the grace of God. It requires a direct dispensation from Heaven to become a walker. You must be born into the family of the Walkers. Ambulator nascitur, non fit.”
—Henry David Thoreau (1817–1862)
“all the arts lose virtue
Against the essential reality
Of creatures going about their business among the equally
Earnest elements of nature.”
—Robinson Jeffers (1887–1962)