Family Business

A family business is a commercial organization in which decision-making is influenced by multiple generations of a family, typically involving family ownership and leadership. Such businesses are characterized by a familial bond among the owners, often with family members actively participating in the management and operations. The structure of a family business can vary greatly, from small, local enterprises to large multinational corporations. The defining aspect is the involvement of family members in the ownership and management, which can significantly influence the company's culture, values, and long-term goals. Family businesses often focus on legacy, succession planning, and maintaining continuity across generations, which can present unique challenges and opportunities in comparison to non-family-owned companies.