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It is generally conceded that the most important issue facing most family businesses is the question of succession.
Uncertainty
A situation in which the lack of certain knowledge about present circumstances or future outcomes makes it impossible to predict risks accurately.
Mechanism Design
A field in economics and game theory that seeks to design rules or incentives for a system to achieve a desired objective, considering individuals' private information and incentives.
Welfare Policy
A governmental strategy designed to support the wellbeing of citizens, often through financial aid, healthcare, and education.
Health Insurance
A type of insurance that covers the whole or part of the risk of a person incurring medical expenses, spreading the risk over numerous individuals.
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