The purpose of this book is to provide readers with an introductory overviewof family business, the most prevalent form of business in the world.The differences between family and nonfamily businesses are emphasizedin this book. This book has several key audiences and can be used as asupplemental text for university undergraduate or graduate level coursessuch as small business management, introduction to business, entrepreneurship,or family studies. Members of family businesses will benefi tfrom the book as an introduction to the unique nature of family businesses.Professional advisors to family fi rms, such as accountants, attorneys,bankers, insurance providers, and fi nancial services professionals,may develop a better understanding of their clients. Suppliers to familybusinesses will gain insight to this important business customer. Much ofthe literature on family business is from the United States; an attempt hasbeen made to present relevant international information as well.Chapter 1 defi nes and provides an overview of family business. Chapter2 explores the many differences between a family- owned business anda nonfamily- owned business. Chapter 3 explores the major family businesstheories. Chapter 4 discusses how family fi rms make business decisions.Chapter 5 explores the signifi cant issues prevalent in a family fi rm.Chapter 6 explores the most problematic issue in family fi rms: successionor the transfer of ownership to the next generation. Chapter 7 focuseson effective family business governance and use of advisors and boards.Chapter 8 explores key success tips for long-lasting family fi rms. Chapter9 discusses trends and further research in family business.