When a parent retires completely and turns the business over to a son or daughter, the business ceases to be a family business.

Name: When a parent retires completely and turns the business over to a son or daughter, the business ceases to be a family business.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The business can still be considered a family business if it remains owned and operated by family members, even if the parent has retired and passed on the business to their child.

When a Parent Retires Completely and Turns the Business Over