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Family business refers to a company that is owned and operated by members of a single family. These businesses are often passed down from generation to generation and are deeply rooted in the family's values and traditions. Family businesses can range from small, local enterprises to large, multinational corporations. They play a significant role in the global economy, accounting for a large percentage of businesses worldwide. Family businesses often have a unique dynamic, as family members are involved in both the ownership and management of the company. This can lead to both strengths, such as strong family bonds and long-term commitment to the business, as well as challenges, such as conflicts and succession issues. Overall, family businesses are an important and influential component of the business world.