Definition

Noun: A commercial enterprise that is wholly owned and typically managed by members of a single family, often across multiple generations. It involves the overlap of family relationships and business operations.

Usage

The term "family business" is used to describe a company where ownership and strategic control lie within a family unit. It highlights the intersection of familial and commercial systems. - The small bakery is a family business that has been passed down from mother to daughter for three generations. - He decided to join the family business after graduating from university. - Managing a family business can involve complex dynamics between professional and personal relationships.

Advanced Usage

• "to be in the family business": To be employed by or involved in the operations of a business owned by one's family.
  • All three siblings are in the family business, each managing a different department.
• "to run a family business": To operate and manage such an enterprise.
  • They run a successful family business importing specialty foods.

Variants and Related Words

• Family-owned (and operated) business: A more explicit phrase emphasizing both ownership and management by the family.
  • The hotel is a family-owned and operated business.
• Family enterprise: A synonym that can sound slightly more formal or expansive.
• Generational business: Emphasizes the aspect of the business being passed through generations.

Synonyms

• Closely-held company (specifically when ownership is restricted to a small group, often a family)
• Private family firm

Related Phrases

• Succession planning: The process of preparing for the transfer of leadership and ownership in a family business.
  • A major challenge for any family business is effective succession planning.
• Next generation: Refers to the children or relatives who are expected to take over the family business.
  • The next generation is being groomed to lead the family business.

Noun

1. a corporation that is entirely owned by the members of a single family