Family business is defined as a business in which two or more members of a family are involved and the majority of ownership and control lies within the family. Family business is one of the oldest forms of business organization (Naude, 2010). Family Business has been one of the most prevalent and resilient business forms over centuries and across continents. It represents a cornerstone of the world economy, and according to some estimates, Family- managed businesses generate were over half the world's GDP.