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A family business is a company owned, controlled, and operated by members of one or several families. Many companies that are now publicly held were founded as family businesses. Many family businesses have non-family members as employees, but, particularly in smaller companies, the top positions are often allocated to family members. Family Business may refer to: In music: Family Business (song), song by The Fugees from their 1996 album The Score Family Business (West), song by Kanye West from his 2004 album The College Dropout In television: Family Business (Courage the Cowardly Dog), season 2 episode of Courage the Cowardly Dog...
A company is, in general, any group of persons, which are known as its members, united to pursue a common interest. ...
A family in Ouagadougou, Burkina Faso in 1997 A family consists of a domestic group of people (or a number of domestic groups), typically affiliated by birth or marriage, or by analogous or comparable relationships — including domestic partnership, cohabitation, adoption, surname and (in some cases) ownership (as occurred in the...
Family participation in a business can strengthen the business because family members are very loyal and dedicated to the family enterprise. However managing a family business, and particularly succession planning, can present some unique problems. Often family interests conflict with business interests, for example hiring a family member who is less competent than a non-family member or keeping an underperforming family member in a position when their performance is hurting the company. Psychologists are often consulted to help families successfully manage issues that affect both the family and the business.
An example of the conflict that can arise is demonstrated in a story, about Stew Leonard's Supermarket in Connecticut, about a family business owner whose son's performance was deemed unsatisfactory by his supervisor. The father told the supervisor that he would take care of it. The father asked his son to come to the family home for a talk in the hot tub. When they were settled in the tub the father put on a hat which he said was his 'Boss' hat and told his son that he was fired. He then removed that hat and put on another calling it his 'Father' hat. Then he said: "Son, I'm very sorry to hear that you lost your job. Is there anything I can do for you?"
Examples of family businesses
Cargill, Incorporated is a privately held, multinational corporation, and is based in the state of Minnesota in the United States. ...
Koch Industries, Inc. ...
Ford Motor Company is an American multinational corporation and the worlds third largest automaker based on vehicle sales in 2005. ...
Mills Fleet Farm logo Mills Fleet Farm is a retail chain of 30 large stores in Minnesota, Iowa, Wisconsin, and North Dakota. ...
SC Johnson & Son Inc. ...
Wal-Mart Stores, Inc. ...
Glenfiddich whisky range William Grant & Sons Ltd. ...
Matthew Algie was born in Greenock, a port on the River Clyde, in 1810. ...
Vanee Foods Company, Inc. ...
See also This is a list of the oldest family businesses in the world, according to Family Business magazine. ...
Literature - Hennerkes, Brun-Hagen: Die Familie und ihr Unternehmen. Frankfurt/ New York: Campus 2005, ISBN 33593-37562-1
External links - Family Lies: Fraud in Family Business
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