The Transition of a Family-Owned Business to a Successor Can

question 49

Multiple Choice

The transition of a family-owned business to a successor can be made easier for the former owner by:

• A) devoting lesser time to hobbies and other outside activities.
• B) keeping the owner engaged in a top management position.
• C) narrowing his/her skills to focus on a single task.
• D) handing over to the successor in phases.

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Definitions:

Groupthink

A phenomenon where the desire for harmony or conformity in a group results in an irrational or dysfunctional decision-making outcome.

Unpopular Opinions

Views or beliefs that diverge from the majority consensus within a community or society.

Harmony

A pleasing combination or arrangement of different parts that creates a consistent, orderly, or aesthetically appropriate result.

Incompatible Goals

Objectives or targets that conflict with each other, making it difficult to achieve both at the same time.