Family businesses differ from corporations in a variety of ways including company culture, capabilities, business strategy, and business models. Today, family owned businesses are recognized as important and dynamic participants in the world economy. According to the U.S. Bureau of the Census, about 90% of American businesses are family-owned or controlled. If you're interested in learning more about the ins and outs of family businesses in a formal setting, tell us here: Family Business Survey!
A
family-owned business refers to a commercial entity that is run and managed by individuals related through blood or marriage. The power to make decisions lies primarily in the hands of the members of one family, allowing them to control and influence business operations and culture.
This Winter Break: Be in the Business of Family!
First and foremost, enjoy your break surrounded by family and friends. In your downtime, however, consider keeping up on the latest Family Business news! Take a look at the largest family-owned businesses in the world. Check out this TedTalk that shares research and analysis or this video about harnessing the potential. Last but not least, ask your family members about their businesses!
From our OUA family to yours: have a happy break! We look forward to seeing you again in the New Year.
