Here I will mention some important concepts surrounding a family business.
“It is one in which the property and decisions are dominated by members of a group of emotional affinity.” (Carsud, 1996)
“The property control is allocated to a member or members of a single family.” (Barnes and Hershon, 1989)
“A company in which one family owns most of the capital and has total control. The family members are also part of the management and make important decisions.” (Gallo and Veen, 1991)
“The company that will be transferred to the next generation of the family to the command or control”. (Ward, 1995)
“Family business is one in which a family group is able to appoint the chief executive of the company, setting the business strategy of it all with the aim of generational continuity, based on the joint desire of founders and successors to maintain control of ownership and family management.”(Crown, 2004)
“A family business is any business in which several family members assume management or active responsibility as owners. One has a family business if you work with someone from your family in a business belonging to the two or belong to them someday . the essence of a family business is that blood is shared, work and ownership of the company. ” (Jaffe, 1991)