Match the term to its definition.
-An organization in which either the individuals who established or acquired the firm or their descendants significantly influence the strategic decisions and life course of the firm

Question

Quizplus · Accepted Answer

A family business is an organization in which either the individuals who established or acquired the firm or their descendants significantly influence the strategic decisions and life course of the firm.

Answer: E
 A family business constitution is a document that outlines the rules and procedures for decision-making, ownership succession, and conflict resolution in a family business.

Answer: F
 A family council is a forum for family members to discuss the family business and make decisions that affect its future.

Answer: G
 A family retreat is a gathering of family members designed to strengthen relationships, discuss important issues, and plan for the future of the family business.

Answer: H
 Nepotism is the practice of showing favoritism to family members in business decisions, such as hiring, promotion, and compensation.

Answer: I
 Organizational culture refers to the shared values, beliefs, and practices that shape how people behave within an organization.

Answer: J
 An owner-managed business is a business in which the owner is actively involved in day-to-day operations and management.

Answer: K
 A sibling partnership is a type of family business in which siblings are the primary owners and managers of the business.

Answer: M
 Transfer of ownership refers to the process of transferring ownership of a family business from one generation to the next.

Match the Term to Its Definition