Explain how a family firm behaves differently from a non-family firm. Draw on four topics to elaborate your answer.

Provide operational or theoretical definitions

Use a real-life family firm as an example, draw on four topics such as family business models, governance structure, family-centred non-economic goals, agency vs. stewardship or any topics covered in the lectures, to illustrate how that example firm is a family firm.

[50 marks] (500 to 1,000 words)