Family Business: Yesterday, Today, Tomorrow‪.‬

The Context Family businesses are the engines that drive socio-economic development and wealth creation around the world. Family businesses have throughout been highly pervasive from small to very large, and in every era have contributed towards significant wealth creation and nation building. Their overall global impact is significant in that today they contribute more than half of the GDP, employment, and account for a sizeable proportion of market capitalization. It is estimated that 85 percent of businesses in the European Union and 90 percent of US businesses are family controlled (Pistrui 2005). Some of the large family controlled enterprises include: Ford (now in fourth generation) which controls 40% of the Ford Motor Co and the second and third generation Walton family controls 39% of Wal-Mart. In Holland, small family businesses represent 75% of all companies; in the US, they generate 60% of all employment; while fifteen family businesses account for more than 55% of market value on Santiago stock exchange. Examples of family owned enterprises in India include, Tatas, Birlas, Ambanis, Singhanias, Chidambrams, Bangurs, Chbarias, Goenkas and Kirloskars.