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 ?
The former family company goes back to the early 1950s when brothers Bob and Jack Collier ran a dairy business.
Just as in a public corporation, the board of a family company is charged with overseeing the operation of the business.
More than AU$5.5 million is set to be invested into Crowne Plaza Hunter Valley by the Schwartz Family Company, which purchased the hotel in 2012.
Gross Annual Sales: $22,000,000 State or Country: UNITED STATES Category: With 40 years in the fish, seafood and lobster business, this family company boasts a new state-of-the-art distribution and shipping center.
In a family company's early years, it may seem unnecessary to officially define "the family." But if questions haven't already arisen, they will crop up in the future.
Victor likely won't be too thrilled with the idea of a DiMera running his family company, as the bad blood between the two families, particularly him and Stefano, goes back decades.
The right strategy will lead to improvement and maximum results in the achievement of financial performance in the family company. Therefore, business strategy cannot be separated from family companies since entrepreneurship will promote innovation and brilliant ideas for developing the family companies and surviving the competitions with other family companies or non-family companies.
Fahlenbrach (2009), for instance, defines family companies as those in which the founder or co-founder plays the role of Chief Executive Officer regardless his/her shareholding; Barth, Gulbrandsen, and Schonea (2005), however, suggest that one person or a family should hold 33% of the shares, at minimum, for the firm to be a family company.
(NYSE: JWN) said Thursday that members of the Nordstrom family company have formed a group to explore the possibility of pursuing a "going private transaction" involving the acquisition by the group of 100% of the outstanding shares of common stock of the company.
BIRMINGHAM-BASED FAMILY company, Scrivens Opticians & Hearing Care, has acquired Owl Optical, another family business, to expand its local network.
Scrivens chairman Nicholas Georgevic said: "We are very much a family company and our success, since my grandfather founded the business in 1938, has been built on a philosophy of making the customer our one and only focus.