A Family-owned business is a type of enterprise that is owned and operated by members of the same family. In a Familyowned business, the ownership and control of the company are typically passed down through generations, with family members often holding key positions in management or serving on the board of directors.

FAMILY BUSINESSES have a substantial impact on both the global and national economies.

Globally, they account for over 70% of the GDP, with manufacturing representing 11.8%, real estate contributing 7.7%, retail standing at 7%, and the IT sector representing 7.09% of the global GDP. At the national level, family owned businesses contribute over 79% to the GDP, with manufacturing accounting for 13.4%, real estate representing 11.8%, the retail sector contributing 7.9%, and the IT sector accounting for 5.8%.

These statistics highlight the significant role that family-owned businesses play in driving economic growth and development on both a global and national scale across various sectors.