This Journal addresses issues important to running a family owned business. The intent of this Journal is to review the academic studies and research conducted concerning family businesses,
including a historical review
No matter what the size of the company, the family factor elusively (and sometimes destructively) infl uences almost every major function, from marketing to accounting and virtually all major
decisions, from how the company will be organized to its rate of new investment and expansion. Americans are living longer, staying healthier, and as a result are struggling with the thought of
transferring leadership to a new generation. A recent survey showed that contrary to popular belief, many family owned businesses are not "mom and pop" run operations. Good portions of family
run businesses are multimillion dollar enterprises, constantly reaching out for new ways to improve their businesses. For instance, Walmart, Ford Motor Co., Koch Industries, Motorola, and
Viacom, are all family owned businesses (Nelson, 2003). This Journal examines the research that has been conducted concerning various aspects of family businesses, including the need to balance
family, business and conflict. This is important because indications are that family businesses are signifi cant contributors to employment, as well as to the economy of the United States.
