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:
“Every family has bad memories.”
—Mario Puzo, U.S. author, screenwriter, and Francis Ford Coppola, U.S. director, screenwriter. Michael Corleone (Al Pacino)
“Young men of the fairest promise, who begin life upon our shores, inflated by the mountain winds, shined upon by all the stars of God, find the earth below not in unison with these,—but are hindered from action by the disgust which the principles on which business is managed inspire, and turn drudges, or die of disgust,—some of them suicides.”
—Ralph Waldo Emerson (1803–1882)