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:
“English people apparently queue up as a sort of hobby. A family man might pass a mild autumn evening by taking the wife and kids to stand in the cinema queue for a while and then leading them over for a few minutes in the sweetshop queue and then, as a special treat for the kids, saying “Perhaps we’ve time to have a look at the Number Thirty-One bus queue before we turn in.””
—Calvin Trillin (b. 1940)
“There’s no business like show business.”
—Irving Berlin (1888–1989)