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The Importance Of Family Business

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Family business represents the oldest and most prevalent type of business organizations worldwide (Colli, 2003). FB are of all the types of businesses ranging from sole proprietorship to big registered corporations, such as Wall Mart, Samsung, Sony, Ford and many others (IFC ,2008). It is a unique type of business with many elements different from other non-family business, such as continuity, purpose, business and family relationship, business value, family culture, decision making, flexibility, and succession. Family businesses are owner-operated and managed ventures with family members predominantly involved in the administration, operations and strategic determination of corporate destiny (Poutziouris, 2000). Family businesses differ from other type of firms in terms of ownership, business and social philosophies, approach to leadership and relationships (Miller & Le Breton-miller, 2005). It is generally accepted that family business is more complex than non-family run business and decision making is influenced by consideration of the business, family and the owners, and impacts on strategic direction and decision making (Gersick et al., 1997). Family business is reckoned as one of the engines of post-industrial growth processes since they are credited for nurturing across generations entrepreneurial talents, a sense of loyalty to business success, long-term strategic commitment and corporate independence (Poutziouris, 2001). In most countries around the world, family

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