FAMILY BUSINESS DEFINED
Across the world family firms play a major part in driving economies, locally, regionally and globally yet there are different interpretations of what actually defines a family business.
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In the broadest sense, a business can be defined as a family business when it is actively owned and/or managed by more than one member of the same family.
Other definitions that have become more widely accepted include:
A family enterprise is an economic venture in which two or more members of a family have an interest in ownership and a commitment to the continuation of the enterprise.
Family Firms are those in which multiple members of the same family are involved as major owners or managers, either contemporaneously or over time
Family firms are those in which the family controls the business through involvement in ownership and management positions.
The majority of the shares in the business are owned by family members and at least one member of the family is involved in the management or administration of the firm.
Listed companies can also fall within the definition of a family business by way of the number of voting shares held by a person/family exceeding 25% of the total.
For the purposes of our work here at Family Business United, a family business is one that is owned and/or managed by at least one family member where they are looking to continue as a family business into the future, and are proud to call themselves a family business where the influence and values of the underlying family continue to have an impact on the business and what it does.
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FBU continues to expand and has a growing membership base around the world. Recognised as THE family business champions we have also gained recognition in both of the Top 100 Global Family Business Influencers list compiled by Family Capital. We are also the VOICE of the family business community, celebrating their contribution throughout the UK and beyond.
Family Business United (‘FBU’) is an unparalleled rallying point and voice for the global family business community and an invaluable source of insight into the sector. FBU is a resource for all, family businesses of all sizes and sectors, and their advisers, helping to raise the profile of the family business sector and to encourage greater awareness of the contribution that family firms make to the global economy through employment, income generation, wealth creation and charitable endeavours.
At FBU, everything we do is about the family business, creating the best resource available to help families in business get access to the resources and support they need to continue their family business journey, wherever it will take them.
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