FAMILY FIRM IN THE ECONOMIC DEVELOPMENT OF THE COUNTRY ON THE EXAMPLE OF THE FAMILY COMPANY “LIVNICA TEŠIĆ” D.O.O. GRADIŠKA, BIH, RS

In this paper, the author, founder and owner of a family business, presents one of the possible faster development of the social community, based on lessons from his own experience with many years of practice. Only a few hundred kilometers separate us from the most developed countries of the European Union, and we are lagging behind. The past period of time was unfavorable for us, the collapse of society, transition, economic decline, a huge number of workers are left without jobs and their own existence, society is disorganized. Now things are slowly moving in a better direction, freedom of movement of the population is a very important factor in the development of every country, the abolition of the visa regime has created conditions for interstate exchange of goods and capital. By harmonizing economic registers with neighboring countries, the economy of BiH could develop. By creating conditions for the establishment of family businesses, following the example of Great Britain, which has 75% of companies that are registered as family businesses. This percentage is higher in the Far and Middle East, around 95% of family businesses are registered in India. In Latin America, 60% of the gross domestic product is generated by family businesses. According to this data, the emergence, growth, and sustainability of family businesses are of general importance for the success of our economy. Economic policy makers must engage more with the science of the academic community, knowledge, and profession to find the fastest way to develop and recover the society in which we live. Legal regulations should encourage the establishment of family businesses so that step by step in the future, BiH can also enter the big family called the European Union.