Table of Contents
Types of Family Business Family
businesses can be of three types. These are discussed below:
1) Family Owned Business:
Family-Owned businesses are for-profit organisations whose majority voting shares (or other form of ownership) are typically but not necessarily controlled and owned by members of a single extended family, or by one family member but significantly influenced by other members.
2) Family Owned and Managed Business:
Family-Owned and Managed businesses are for-profit organizations whose majority voting shares (or other form of ownership) are typically but not necessarily are controlled and owned by members of a single extended family, or by one family member but significantly influenced by other members. This controlling authority enables the family to determin
3) Family Owned and Led Business:
Family-Owned and Led businesses are for-profit organisations whose majority voting shares (or other form of ownership), typically but not necessarily are controlled and owned by members of a single extended family, or by one family member but significantly influenced by other members. This controlling authority enables the family to determine the company’s objectives, methods, and strategies for reaching them, as well as policies for implementing those strategies. In addition, at least one family member is an active member of the company’s Board of Directors, so one or more family members have at least a high level of influence over the company’s direction, culture, and strategies. e the company’s objectives