Family business

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A family business is a commercial organization in which decision-making is influenced by multiple generations of a family, related by blood, marriage or adoption, who has both the ability to influence the vision of the business and the willingness to use this ability to pursue distinctive goals.^[1][2] 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.