Family-owned businesses are companies that are owned and operated by members of the same family. These businesses can range from small local shops to large corporations. The family often plays a significant role in decision-making and management, which can create a strong sense of loyalty and commitment to the business. These businesses contribute significantly to the economy, providing jobs and fostering community relationships. They often prioritize long-term success over short-term profits, focusing on values such as quality and customer service. Examples of well-known family-owned businesses include Walmart and Ford Motor Company.