Introduction
A family business is a profit-making entity that entails the significant roles of decision making, ownership, and leadership of the business being undertaken by several generations of a family. For a firm to be considered as a family business, the multigenerational element, and the unique family is fundamental (Carlock, Kets de Vries, and Florent-Treacy 12). Family businesses vary from size to industry; there are corner shops with a history of family ownership and leadership and similarly publicly listed multinationals, which share a similar foundation (Carlock, Kets de Vries, and Forest-Treacy 17). Internationally, there are numerous examples of family-owned businesses; ...
