A large chunk of the world business arena is contributed by family businesses. Various forms and typologies of these exist and often it has been difficult to fetch a single applicable definition of the family business system. The different aspects of this unique phenomenon involve its form and level of family influence, ownership and inter-generational succession.
The various structural elements of identifying a family business include a multi-generational influence of family on a firm’s policy, objectives and ownership control by members of a family. It may also include ownership by a single family or individual or majority ownership by single family. Famous global family businesses include names such as Cargill, Levi-Strauss, Marriott, Wal-Mart etc. All these companies have a strong presence in India as well.
Here we unveil some of the best family business practices which can help a family business grow. Take a look:
