Concerning the need for good management in the family business, which of the following is one of the "best practices" identified in the textbook?
A) Resist preparing successors for leadership to avoid demoralizing those who are not selected.
B) Maintain rigid guidelines based on family traditions to guide the company into the future.
C) Emphasize the attraction and retention of family members.
D) Stimulate new thinking and fresh strategic insights.

Question

Quizplus · Accepted Answer

The textbook identifies stimulating new thinking and fresh strategic insights as one of the best practices for good management in the family business. This helps the business to stay innovative and adapt to changing market conditions. Options A and B are not recommended as they do not promote growth and development of the business. Option C may be important but it is not listed as one of the best practices identified in the textbook.

Concerning the Need for Good Management in the Family Business