How do we define a family business?
– a company that is wholly or partly owned by one family or several families or family associations
– the owning family has a decisive influence on the development of the business as a result of their entrepreneurial responsibility
– this responsibility is exercised either from a management or supervisory function or both
– the family plans to pass the business on to the next family generation
The transgenerational moment is, therefore, essential for family businesses. The legal form and size of the business do not matter. However, start-ups or owner-managed businesses are not (yet) family businesses in this sense.