Definitions – Family Business Terms

Stakeholders include present owners, future owners, and their spouses; key non-family employees; and key suppliers and customers.

Family Enterprises may comprise an active business, holding companies, investment portfolios or trusts.

The extended family typically consists of all the living generations and may encompass three to four generations.

A genogram is a graphic chart that shows both basic and advanced aspects of the relationships between family members, both within the family, and within the organizational chart for the firm.