Family-owned businesses (FOBs) are the backbone of the economic systems in most countries. A 2012 Ernst and Young report disclosed that family businesses make up more than 60 percent of all companies in Europe and the Americas, and account for about 50 percent of total employment. In Asia, the situation is similar. According to a 2012 report by Credit Suisse across 10 Asian markets, more than 70 percent of Asian firms are family-owned, accounting for nearly half of all listed companies and 32 percent of total market capitalisation. These businesses also employ 57 percent and 32 percent of all listed companies’ employees in South Asia and North Asia respectively. Thus, their role in the Asian economy is of tremendous importance.