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Marketing Researcher

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Corporate Governance, Small & Medium Entreprises.

Family businesses constitute the world’s oldest and most dominant form of business organizations. Family businesses range from small and medium-sized companies to large conglomerates that operate in multiple industries and countries.
Family businesses range from small and medium-sized companies to large conglomerates that operate in multiple industries and countries. Some of the well-known family businesses include: Salvatore Ferragamo, Benetton, and Fiat Group in Italy; L’Oreal.
A family business is a commercial organization in which decision-making is influenced by multiple generations of a family who are closely identified with the firm through leadership or ownership.
In a family business, two or more members within the management team are drawn from the owning family. Family businesses can have owners who are not family members. It may also be managed by individuals who are not members of the family. However, family members are often involved in the operations of their family business in some capacity and, in smaller companies, usually one or more family members are the senior officers and managers.

1. Stage of growth in a family business.
Three-stage model summarize the family business lifecycle as: * The Founder(s) Stage. * The Sibling Partnership Stage. * The Cousin Confederation Stage.

2. Family Member Roles in the Governance of their business. 1- Owners (Shareholders). 2- Managers (Senior Management). 3- Directors (Board of Directors). 4- Family Members (the Family and its Institutions).

3. Advantages of running a business. * The organizational structure is simple and effective * Family members understand each other better * Family members are committed * Most family members have a solid informal training * Most family businesses

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