family bussines

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The Family Business
The family business is a hallmark of modern society. From the dawn of extended trade networks and integrated markets families were always the first units to go into business together. While family businesses are usually thought of as small some of the largest businesses in the world have roots in a family enterprise. Think of families such as the Rothschild’s who started a family run banking operation in Europe and grew to be the richest family in the world. The Medici is another famous family that comes to mind. The Medici essentially invented the modern banking system in accident Italy. The list goes on. While family businesses are not as practical or as common as they used to be family run enterprises still are a large component of our modern economy. “To many, the phrase “family business” connotes a small or midsized company with a local focus and a familiar set of problems, such as squabbles over succession. While plenty of mom-and-pop firms certainly fit that description, it doesn’t reflect the powerful role that family-controlled enterprises play in the world economy. Not only do they include sprawling corporations such as Walmart, Samsung, Tata Group, and Porsche, but they account for more than 30% of all companies with sales in excess of $1 billion, according to the Boston Consulting Group’s analysis” CITATION Ala12 l 1033 (Alain Bloch). This quote really sums up how important family businesses still are …