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Generation Two and Beyond — The Family Business

In: Wise Wealth

Author

Listed:
  • Joachim Schwass

    (IMD)

  • Håkan Hillerström
  • Holger Kück
  • Colleen Lief

    (IMD)

Abstract

What exactly is a family business? There is no simple answer to this question. In family business research, many varied definitions are used to describe companies with concentrated ownership — that is, companies that are concentrated in the hands of one or more families (as opposed to companies with dispersed ownership). Some believe a family member must be involved in day-to-day management for the business to qualify as a family company; others say that merely having influence over the operation of a firm is enough. We consider a company to be a family business when it has experienced at least one generational transition and is owned by one or more families, such that they exert control over the enterprise. We think this only comes about through holding voting shares equal to at least 30 percent.

Suggested Citation

  • Joachim Schwass & Håkan Hillerström & Holger Kück & Colleen Lief, 2011. "Generation Two and Beyond — The Family Business," Palgrave Macmillan Books, in: Wise Wealth, chapter 3, pages 18-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29527-8_3
    DOI: 10.1057/9780230295278_3
    as

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