Which Statement Is True Concerning Using Available Family Talent in the Succession

question 61

Multiple Choice

Which statement is true concerning using available family talent in the succession plan?

• A)Younger family members working in the business should realize that mistakes early on in their careers should be considered in their future advancement.
• B)If the available talent is not sufficient inside the company,the owner must bring in outside leadership even if it is not perceived as a favorable decision by the family at large.
• C)If a younger family member would like to advance their career by working on a new direction for the company,a negative decision by their parent means they should not discuss their ideas with the board of directors.
• D)It is rare a younger member will have the skill set to rescue a struggling company;therefore they should not be considered for a succession plan.

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Definitions:

Value Chain

A business model that describes the full range of activities needed to create a product or service, from conception to delivery.

Functional Goals

Objectives set within an organization that are specific to a particular department or function, aimed at improving its efficiency or effectiveness.

Value Chain

A value chain outlines the full range of activities required to bring a product or service from conception through to delivery and beyond, highlighting where value is added at each step.

Functional Strategies

Detailed plans laid out for each department or function within an organization, supporting the overall business strategy.