What is a Family Business?

Abstract

Defining the concept of family business is an ongoing challenge. The debate around it is here discussed from the point of view of business history and family business theories as developed in the last fifteen years. Historians are interested in reflecting changes in family businesses at different periods and within different societies, and focus their research work on ownership and control within family firms. For their part, family business theorists still understand the concept as a compound or a circular scheme consisting of elements such as business, family and owners or power (governance and management participation), experience (generation in charge) and culture (family and business values).