Which of the following statements about using available family talent in the succession plan is true?
A) Younger family members working in the business should realize that mistakes early on in their careers should be considered in their future advancement.
B) If the available talent is not sufficient inside the company, the owner must bring in outside leadership or supplement family talent to avoid a decline in the business under the leadership of second- or third-generation family members.
C) If a younger family member would like to advance his or her career by working on a new direction for the company, a negative decision by his or her parent means he or she should not discuss his or her ideas with the board of directors.
D) It is rare a younger member will have the skill set to rescue a struggling company; therefore, younger members should not be considered for a succession plan.

Question

Quizplus · Accepted Answer

While it is important to consider available family talent in the succession plan, it is equally important to recognize when the talent is not sufficient. Bringing in outside leadership or supplementing with non-family talent may be necessary in order to ensure the continued success of the business.

Which of the Following Statements About Using Available Family Talent