One of the best definitions of family business I have ever come across is this -
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 - wikipediaHere is Forbes link to the top 25 family businesses of the world, led by Walmart, Volkswagen and Berkshire Hathway ..
|The biggest family business on planet earth, Walmart ..|
Family run businesses have been there from time immemorial when men settled and lived in societies from 6000 BC. Though in the present days, government run and professionally run organisations are models to the rest of the world, family run businesses are here to stay ..
|Great Indian business families have come and gone ..|
Synthite Industries, a family run business from Kadayiruppu, Kolenchery, Kerala is the world leader in oleoresins and spice oils, controlling 30% of the global business in oleoresins.
1. Baron, Josh, Why 20th century will belong to family run businesses, Harvard Business Review, March 2016.
2. Forbes, Top 25 largest family owned companies in the world, 2017.
PS : Aju is my classmate from Rajagiri HS Ernakulam during late 70s and a family friend too.