Family Business

1. Explain what a family business is. 2. Understand the role that family businesses play in the US

economy. 3. Explain the advantages and disadvantages of family businesses.

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“Family businesses are different.”

“Focusing on Business Families”

There is no agreed-on definition of a family business. The percentage of ownership, the strategic

control, the involvement of multiple generations, and the intention for the business to remain in

the family are among the many criteria that experts use to distinguish family businesses from

other types of businesses.

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