Generally Speaking, Succession Planning Is Relatively Easy in Family-Owned Firms

question 18

True/False

Generally speaking, succession planning is relatively easy in family-owned firms compared to other types of organizations.

---

Definitions:

Secondarily Liable

Secondarily liable refers to a party's obligation to pay a debt or perform a duty if the primary party responsible fails to do so.

Reacquired

Refers to buying back previously sold or issued shares of a company's own stock or previously owned assets.

Discharged from Liability

The legal release of an individual or entity from any further responsibility for a debt or obligation.

Scientific Management

A management theory developed by Frederick Taylor, focusing on improving economic efficiency and labor productivity through systematic observation and measurement.