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:
“Our family talked a lot at table, and only two subjects were taboo: politics and personal troubles. The first was sternly avoided because Father ran a nonpartisan daily in a small town, with some success, and did not wish to express his own opinions in public, even when in private.”
—M.F.K. Fisher (1908–1992)
“Most of us have felt barriers between ourselves and our fathers and had thought that going it alone was part of what it meant to be a man. We tried to get close to our children when we became fathers, and yet the business of practicing masculinity kept getting in the way. We men have begun to talk about that.”
—Frank Pittman (20th century)