business industry. Today our economy has progressed to the point where” the

entrepreneur is the most important player in the building of the global economy”

(Naisbitt, 80). To run a family business is a challenging process and every

person needs different skills to overcome the start-up struggles. As Gersick

suggests in “Generation to Generation”, family business can be understood

through a three circle model. The model describes the family business system as

three independent subsystems; ownership, business and family (Gersick 1997,

pp.6) (See Appendix A). These three different dimensions have different values,

responsibilities and structures. The ownership aspect deals with different forms

of family ownership. Another dimension is family which encourages family

members to enter the business and pass the business to next generations. The

third aspect is business, which describes the different stages that the business

passes through in order to be successful (Gersick, 1997). Through the three

circle model every owner can have a better understanding of running a family

different range of structures, reflecting different distribution of shares and control

replacement is agreed in advance and controlled by the board of directors. Also,

area of the business it could lead to failure due to uncontrolled growth (Olson,

the beginning of start-up, going through some difficult challenges, the business

Some topics in this essay:
Ownership Issues, Issues Business, Aron Pervin, , Family Issues, family business, gersick 1997, fox 1996, sibling partnership, griffin 1999, circle model, business gersick 1997, family companies, business family, pass business, development stage, percent family companies,