ABSTRACT
In this chapter, the authors show that there is whole range of definitions of family firms and that within any group of family firms there can actually be many variations or ‘types’ of family firms. P. Westhead and M. Cowling tested variety of definitions of family firms and identified that the proportion of family firms within same dataset varied from 15% to 80%, depending on definition employed. The family – power, experience, culture scale is a very useful reminder of the heterogeneity of family firms in its attempts to measure varying levels of family influence. As family firms represent such a significant proportion of all firms, then regardless of which definition is employed, it makes sense to expect that they will not be a homogeneous entity and that there will be variation within family business sector. ‘Managed family firms’ have closely held family ownership with mainly non-family management and will report a mix of family and non-family objectives but probably emphasising family.
