In order for family-managed businesses to survive and prosper, management guru Peter Drucker advises them to
A)hire only family members to make profit division easy.
B)stop hiring family members after the initial hiring round.
C)fill at least one key position with a nonfamily member.
D)exclude outsiders while planning succession.
E)allow for minimal performance by family members.

Question

Quizplus · Accepted Answer

According to Peter Drucker, it is important for family-managed businesses to fill at least one key position with a nonfamily member to bring in fresh ideas, skills, and perspectives. This can help the business avoid complacency, stagnation, and conflict within the family. This nonfamily member can also act as a mediator in case of any disputes or issues that may arise.

In Order for Family-Managed Businesses to Survive and Prosper, Management