Abstract:
A Family-owned business is one that is owned and managed (that is controlled) by one or more family members.1 Family-owned firms are – “organizations where two or more extended family members influence the directions of the business through the exercise of kinship ties, management roles, or ownership rights.”2 A family – owned business is any business in which a majority of the ownership or control lies within a family. It is also a complex, dual system consisting of the family and the business. Members involved in the business are part of a task system and also a part of a family system and these two systems may overlap.3 Family – owned businesses exist all over the world and some of the worlds oldest firms are family- owned eg. Kongo Gumi of Japan was founded in 578 AD and is currently managed by the 30th generation. Some of the largest wealth creators and businesses are family owned like Wal Mart.4 In India too, the highest generator and creator of wealth are family – owned busin...
