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:

Relational Database

A relational database is a type of database that organizes data into tables which can be linked—or related—based on data common to each.

Data Hierarchy

Data hierarchy is a systematic organization of data, often in a hierarchical form, that starts with the smallest unit of data and aggregates up to more complex forms like databases or data warehouses.

Primary Keys

Unique identifiers used in databases to distinguish records.

Foreign Keys

A field in a database table that uniquely identifies a row in another table, establishing a link between the two.