Abstract
Family businesses significantly contribute to national economies through job creation, innovation, and Gross Domestic Product (GDP) growth. These enterprises, which range from small businesses/ one man or sole proprietorship to multinational corporations, provide long-term economic stability due to their sustainability-oriented approach. This paper examines the economic impact of family-owned businesses, highlighting their role in employment, entrepreneurship, and industrial development. The study explores case studies from Nigeria, the United States, and South Korea to demonstrate their global significance. While these businesses offer numerous advantages, they also face serious challenges such as succession planning, governance, family conflicts and regulatory constraints. Addressing these challenges through structured policies, corporate governance improvements, and effective succession strategies can enhance their contributions to national economic growth. By implementing supportive frameworks, policymakers can ensure the sustainability of family enterprises and their continued role in fostering economic development. This paper provides recommendations for strengthening family businesses to maximize their impact on global and national economies.
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