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:
“Unfortunately, life may sometimes seem unfair to middle children, some of whom feel like an afterthought to a brilliant older sibling and unable to captivate the family’s attention like the darling baby. Yet the middle position offers great training for the real world of lowered expectations, negotiation, and compromise. Middle children who often must break the mold set by an older sibling may thereby learn to challenge family values and seek their own identity.”
—Marianne E. Neifert (20th century)
“The business of the poet is not to find new emotions, but to use the ordinary ones and, in working them up into poetry, to express feelings which are not in actual emotions at all.”
—T.S. (Thomas Stearns)