Family Business


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Family Business

A company in which one person or a group of related persons is the controlling shareholder. The term connotes a small business, but some family businesses are large, publicly-traded corporations. In the latter case, family members often serve on the board of directors and may appoint some of their number to major executive positions.
References in periodicals archive ?
"Interpreting our survey's results, we realise that family business leaders need to address four key areas: First, and from an internal perspective, they need to professionalise their business, establish better corporate governance and organise a succession plan to ensure a smooth generational transition.
'Our research globally and in Kenya highlights the benefits of a values-led approach that can focus a family business on the continuity planning they need to do, and how that approach can help attract and equip the next generation with the skills needed to thrive in a digital age,' Michael Mugasa, PWC Kenya leader for Private Company and Family Business Services said.
Followed by sessions on 'Making Higher Education Affordable through Philanthropy' and 'Family Business, Disruptive Innovations and New Opportunities'.
Rural and remote family businesses have a significant local economic impact on employment and incomes, and add to the breadth of a regions business mix.
"From my experience, when you look at a well-established family business, they have often adapted or diversified a number of times over the years to remain relevant.
This partnership will help develop a framework for learning and will also promote Management education within family businesses and small and medium enterprises.
During the event, Amin Nasser - PwC's Family Business Advisor presented key issues faced by Family Businesses in the Middle East and how to tackle these challenges.
Taking time to agree the family business' goals, roles, structure, policies and protocol in a Family Business Agreement can be invaluable for protecting family wealth and the business for generations to come.
Family Business Solutions is a family business consultancy that was set up more than 20 years ago and is part of Scottish solicitors Wright Johnston & Mackenzie.
Abdulaziz Al Ghurair, chairman of the Family Business Council -- Gulf and Mashreq, has said that technology will inevitably affect family business culture, as well as highlighting their need to make effective succession planning for future generations.
The Family Business Council - Gulf (FBCG), the regional association of Family Business Network International (FBN), launched a book on the guidelines of family business succession planning in the GCC during a press conference hosted by HE Abdulaziz Abdulla Al Ghurair, Chairman, FBCG.
While John Gokongwei set up a commandment to his heirs that there should be no in-laws in the family business, sons-in-law (without any legal adoption) could be an alternative solution to recruit smart heirs.