What’s a family business?
A family business is a commercial organization in which decision-making is influenced by multiple generations of a family—related by blood or marriage. They are closely identified with the firm through leadership or ownership. Owner-manager entrepreneurial firms are not considered to be family businesses because they lack the multi-generational dimension and family influence that create the unique dynamics and relationships of family businesses. … Wikipedia
Other definitions are more general, describing a family business as one that is owned OR operated by one’s family. Business families and family businesses fit into the 3 circle model shown below.
Typically, individuals in the “family only” area are not considered to be participants in a “family business”. In our experience, these individuals are critical to the success of a family business especially if they are the immediate family of the individuals in the owner/employee/family zone. Keeping the family and business in-sync is what we refer to as the Family + Business circumstance.