Emerging Changes in Family Business

A family business is a commercial organization in which decision making is influenced by multiple generations of a family-related by blood or marriage or adoption. It is a corporation that is entirely owned and managed by members of a single family. It is also known as a company owned, controlled and operated by the members of one or several families. It is one in which one or more members of one or more families have ownership, interest and significant commitment towards business. They are closely identified with the firm through leadership or ownership. It is a commercial organization in which decision making is influenced by multiple generations of a family – related by blood or marriage. They are closely identified with the firm through leadership or ownership. It may be defined as any business in which two or more family members are involved and the majority of the ownership or control lies within a family