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...Introduction family business constitutes world s oldest and most dominant form of organization businesses range from small medium sized companies to large conglomerates that operate in multiple industries countries definition a refers company where the voting majority is hands controlling including founder who intend pass on their descendants importance hence corporate governance economy proportion oecd firms are run percent over eu us source nancy upton william petty venture capital investment vol no pp strengths they outperform non owned sales profit other growth measures thomson financial study compared rivals six major indexes europe showed outperformed all these high commitment dedication as owners members willingness work harder reinvest profits into for long term knowledge experience name pride associated with weaknesses two thirds three quarters collapse or sold by founders during own tenure have short life span do not survive third generation ownership poor management insuffic...