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Family Business Quiz

Take this brief true/false quiz to test your knowledge of family business. We will review your quiz and send you the answers by the method of your choice. Good luck!

1. There is no need to begin succession planning until the owner/founder reaches his/her 60s.
True False

2. Families in business that don't have conflicts are most likely to succeed.
True False

3. The owner's personal income is not related to form human resource practices, i.e. written employee manuals, job descriptions, in the business.
True False

4. Only one leader should be named in the succession planning.
True False

5. Emotions get in the way of running a successful business.
True False

6. Poor succession is one of the major reasons that family businesses fail.
True False

7. Succession planning is about the transfer of management.
True False

8. To 'professionalize' a family business means to hire a non-family manager.
True False

9. 'Triangling' in a family business has to do with the way the board is defined.
True False

10. To have outsiders on the board of directors creates problems in the business and family.
True False

11. The successor should have worked outside the company for a period of time.
True False

12. There should be written plans for the entry of the next generation into the business.
True False

13. Stock should be distributed equally to all of the children whether or not they are in the business.
True False

14. Family council meetings are not necessary if the family gets along and the business is doing well.
True False

15. Growing pains in a business or family is a sign that something is wrong.
True False

 

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