Small Family Owned Business

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My assignment for the presentation on (small) family owned businesses was to research and share an organized piece on the international studies of the subject. After several days of searching the internet for appropriate studies, I had gathered enough data to put together a three part report. The three parts consisted first off of an intro, which I believed was enough to be considered its own part, just because of the extremely interesting point that family owned businesses are such a widespread commonality. Second came the bulk of my research, the description of small family owned businesses under the laws of different countries, specifically those belonging to countries in Europe. Last but not least, I followed up with the importance of small family owned businesses’ impact on the overall economy of Europe, and how they applied. When you think of a small family owned business, you usually think of at least one local business you have known and have used your whole life whether a gas station, kebab imbiss, cafe, restaurant, or car dealership, etc. However, think about if everyone in the world named at least one such business. Many people would name the some of the same enterprises, but now you can imagine just how many small family owned businesses there are across the world. Because there are so many, not many reports exist that can contain the entire scope of every kind in every country, therefore, my report covers information regarding largely to european studies. Across Europe and in the United States, there is no widely accepted definition or legal description of a “family business”, however there are many criteria that if met by a small business, can be used to classify a business as such. Although each country has its own list of indicators, some countries use “common knowledge” to decide what constitutes a family business. This means that most countries simply use perception to differentiate a family business from a non-family business based on the...
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