How to be an effective Chief Executive Officer of a family owned business

Abstract

Family business is among the hottest areas of interest in business today. The media, academicians and business people increasingly recognise that family business means much more than “mom and pop.” Family businesses, whether public or private, are a major component of the global economic system and constitute a unique market of highly concentrated industry. According to the Institute of Family Owned Business’s website, over ninety five percent of all businesses in the United States are family‐owned. Although many family firms are small, many are major corporations including one third of the Fortune 500. Family businesses produce about half of the US gross national product and generate half of the wages paid in this country. Those are impressive statistics. They underscore the importance of family businesses to our economy as well as to our society.

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