A family business is a commercial organization in which decision-making is influenced by
multiple generations of a family—related by blood, marriage, or adoption—who are closely
involved in the ownership, management, and governance of the enterprise. These businesses
can range from small local shops to large multinational corporations. Regardless of size, the
defining characteristic is the involvement of family members in key roles, and the desire to
pass the business down to future generations.
Family businesses are among the oldest forms of economic organization and continue to play
a vital role in the global economy. In many countries, they form the backbone of the private
sector, contributing significantly to employment, innovation, and GDP. What makes family
businesses unique is the blending of personal family values with business goals. This
integration often leads to a long-term strategic outlook, a strong commitment to community,
and a focus on legacy rather than short-term profits.