A family owned business, or a family business for that matter is may be defined as that business that is started and run by members of a given family lineage. It’s started with a vision shared in the family, and employs mainly members of the family, as well as other professionals to manage the business. Generally though, a family business is run mainly to meet the shared objectives of the family, and also for the benefit of the family. In most cases, family businesses are managed by one of the family members, who may be advised by professionals and other technical ...
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