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“Family businesses are different.”[1].

There is no agreed-on definition of a family business. The percentage of ownership, the strategic control, the involvement of multiple generations, and the intention for the business to remain in the family are among the many criteria that experts use to distinguish family businesses from other types of businesses.[2] For the purposes of this chapter, however, a family business is defined as a business that is actively owned and/or managed by more than one member of the same family.[3] A family business can also be defined as the result of someone’s dream:

  1. BDO 2009 Report: “Focusing on Business Families,” BDO, November 2009, accessed October 8, 2011, static.staging.bdo.defacto-cms.com/assets/documents/2010/04/Focusing_on_business_families.pdf.

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  2. Joseph H. Astrachan and Melissa Carey Shanker, “Family business’s Contribution to the U.S. Economy: A Closer Look,” Family Business Review 16, no. 3 (2003): 211–19. ↵
  3. “Family Businesses,” Entrepreneur, 2010, accessed October 8, 2011, www.entrepreneur.com/encyclopedia/term/82060.html. ↵
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