familyrun
Familyrun, commonly written as family-run, refers to a company in which the majority of ownership and management responsibilities are held by members of a single family. Such firms can range from small shops to multi-generation enterprises and exist in many sectors, including retail, agriculture, manufacturing, and services.
Typical features include involvement of family members in key decision-making, succession planning across generations, and a
Advantages include strong commitment, customer loyalty, long-term orientation, and flexibility for local adaptation. Drawbacks can include
Globally, family-run firms make up a substantial portion of the economy, particularly in small and medium-sized
See also: family business, family-owned business, succession planning.