Some families maintain ownership of the business but have turned management over to a professional team, as has the Walton family that owns about half of Wal-Mart. Other families such as the Toyodas and Suzukis own very little of the company that bears their name, but continue to run them.
In another type of family firm the family has grown to a place where they see their future in providing equity, education, and mentoring to younger family members for new businesses ventures. The start-up companies are often part of a holding company owned by the family along with the originating business.
One scenario I have questions about is that in which a single-generation team, such as husband and wife or siblings, have ownership and control. Does this qualify as a family business? I am leaning towards answering “no.” If you have thoughts about this I would love to hear them.