A Common Problem for a Founder in Passing the Business

question 46

Multiple Choice

A common problem for a founder in passing the business on to a daughter or son is

• A) introducing the child to outsiders such as bankers.
• B) finding a suitable position for the son or daughter within the business.
• C) arranging the transition from part-time to full-time employment.
• D) giving little thought to the child's talent, aptitude, and temperament.

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Definitions:

Organizational Decision Making

The process by which decisions are made in an organization, which involves identifying and choosing alternatives based on values and preferences of the decision-maker.

Labor Relations Strategy

A plan devised by organizations to manage interactions with employees and their representatives in a way that advances the company's objectives.

Collective Bargaining

Collective bargaining is the process of negotiation between employers and a group of employees aimed at reaching agreements to regulate working conditions, wages, and other aspects of workers' compensation and rights.

Labor Unions

Organizations formed by workers in various sectors to protect and advance their rights, wages, and working conditions through collective bargaining.