Family-owned business enterprises

Family business is a type of commercial organization in which management decisions are made or influenced by multiple generations of a family, related by blood, marriage or adoption, who have both the ability to influence the vision of the business and the willingness to use this ability to pursue distinctive goals. They are closely identified with the firm through leadership or ownership. Owner-manager entrepreneurial firms are not considered to be family businesses because they lack the multi-generational dimension and family influence that create the unique dynamics and relationships of family businesses.