A family-owned business is a company that is owned and operated by members of the same family. These businesses can range from small local shops to large corporations. The key characteristic is that the family has significant control over the operations and decision-making processes, often passing the business down through generations. Family-owned businesses often emphasize values such as trust, loyalty, and long-term relationships with customers and employees. They may prioritize community involvement and sustainability, reflecting the family's commitment to their local area. Examples of family-owned businesses include Walmart, Ford Motor Company, and many local restaurants and shops.