Concerning the Need for Good Management in the Family Business

question 59

Multiple Choice

Concerning the need for good management in the family business, which of the following is one of the "best practices" identified in the textbook?

• A) Resist preparing successors for leadership to avoid demoralizing those who are not selected.
• B) Maintain rigid guidelines based on family traditions to guide the company into the future.
• C) Emphasize the attraction and retention of family members.
• D) Stimulate new thinking and fresh strategic insights.

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Definitions:

Union Veterans

Refers to soldiers who fought for the Union (the Northern states) during the American Civil War, whose service led to the preservation of the United States and the abolition of slavery.

Black Members

Refers to individuals of African descent who are part of a particular group, organization, or body.

House of Representatives

The lower chamber of the United States Congress, made up of elected officials who represent the population of the individual states, proposing and voting on federal legislation.

Black Mobilization

The organization and activation of black communities towards collective action, often in the context of civil rights or social justice.