Understanding the Family Business

This book will provide readers with an introductory overview of family business, the most prevalent form of business in the world. The differences between family and non-family businesses are emphasized in this book, and there are several key audiences:As a supplemental text for university undergraduate or graduate level courses such as small business management, introduction to business, entrepreneurship, or family studies. Members of family businesses will benefit from the book as an introduction to the unique nature of family businesses. Professional advisors to family firms such as accountants, attorneys, bankers, insurance providers, and financial services professionals may develop a better understanding of their clients. Suppliers to family businesses will gain insight to this important business customer. Much of the literature on family business is from the United States; an attempt has been made to present relevant international information, as well. The authors uniquely include just how to define a family business and provide an overview of family business. They also include the many differences between a family owned business and a non-family owned business; the major family business theories; how family firms make business decisions; and effective family business governance and use of advisors and boards.This book will be a useful and much-needed tool for so many people, and the authors conclude this book with future research to advance the study of family business.