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:
“Blackmail is one of the great pastimes of family life.”
—Mason Cooley (b. 1927)
“The minute you try to talk business with him he takes the attitude that he is a gentleman and a scholar, and the moment you try to approach him on the level of his moral integrity he starts to talk business.”
—Raymond Chandler (1888–1959)