What Is a Family Business?

•Family Business
–A company in whose ownership and/or functioning two or more members of the same family are directly involved.
–A firm whose ownership passes from one generation of a family to another

Family and Business Overlap

•Family Concerns
–Care and nurturing of family members
–Employment and advancement in the firm
–Loyalty to the family

•Business Concerns
–Production and distribution of goods and/or services
–Need for professional management
–Effective and efficient operation of the firm