DEFINITION, CHARACTERISTICS AND PROBLEMS OF FAMILY BUSINESS
RAYA MADGEROVA
VYARA KYUROVA
Abstract
The article examines the role of family business for economic development. The views of various authors on the definition of family business are presented. Special attention is paid to the relationship between family, business and property. The main problems of family business, mostly as associated with the ownership, management and continuity are placed. the need to effectively solve one of the most complex problems of the family business – the intermingling of business and family interests, the need to integrate the interests of businesses and families and to achieve a balance in the relationship between them regarding the implementation of the economic role of the firm and social role of the family are emphasized. Ensuring continuity of the business and its transfer is regarded as one of the most important problems in the business with a significant impact on growth and job retention.
Keywords
family business, definition, characteristics, problems, continuity.
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