When Transferring Power in a Management Succession, the Small Business

question 129

Multiple Choice

When transferring power in a management succession, the small business owner should do all but which of the following?

• A) Tell the successor where all the critical documents are-wills, trusts, insurance policies, etc.
• B) Provide the successor with a list of advisers, people who have given you good advice in the past.
• C) Be open to learn from, as well as to teach, the successor.
• D) Transfer power quickly and step back, letting the successor run the business completely without any advice or interference by the owner.

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Definitions:

Anchor

A device, usually made of metal, used to connect a vessel to the bed of a body of water to prevent the craft from drifting due to wind or current.

Internal Friction Surface

The surface within a mechanical system where internal friction occurs, often influencing the efficiency and wear of the system.

Shoes

Footwear made from various materials, designed to protect and comfort the human foot while doing various activities.

Backing Plate

A component of drum brakes that holds the brake assembly together against the drum.