Why Should the Small Business Owner Have a Succession Plan

question 95

Essay

Why should the small business owner have a succession plan? Identify the five stages the owner needs to take his/her successor through in preparation for the succession.

Understand the components and behavior of mixed costs.

Differentiate between types of costs based on their behavior (fixed, variable, semi-variable, and step costs).

Apply cost information in calculating and forecasting cost behavior in specific scenarios.

Understand various methods of cost estimation and their applications.

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Definitions:

Job Diagnostic Survey

A tool used to measure the characteristics of jobs and their impact on employee motivation, satisfaction, and performance.

Virtual Offices

Virtual offices provide businesses with an address and communication services without the need for a physical office space, facilitating remote work.

Technostress

Stress experienced due to an inability to cope with new technology.

Social Information-Processing Model

This model suggests that individuals process the social information they encounter in their environments to understand and react to situations, individuals, and groups.