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For Each Definition, Select the Term That Best Fits

Question 81

Matching

For each definition, select the term that best fits.

Premises:

Responses:

The relatives who form your world in your childhood

family creed

A group of people bound by a shared history and a commitment to share a future together

family of attachment

A business in which children of the founder become owners and managers

family council

The practice of employing relatives

family

The process by which a more-experienced person guides and supports the professional progress of a new or less-experienced employee

sibling partnership

A gathering of family members, usually at a remote location, to discuss family business matters

nepotism

A statement of principles intended to guide a family through times of crises and change

owner-managed business

Couples teams who own and manage businesses

family business

A venture operated by a founding entrepreneur

mentoring

A business in third and subsequent generations, when children of the siblings take ownership and management positions

cousin consortium

Patterns of behaviors and beliefs that characterize a particular firm

co-preneurs

A statement of principles intended to guide a family firm through times of crisis and change

socioeconomic wealth

Passing ownership of a family business to the next generation

transfer of ownership

An organized group of family members who gather periodically to discuss family-related business issues

family retreat

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

organizational culture

Non-financial factors in a family firm that affect the commitment of family members to the business

family business constitution

The new, separate relationship formed when an individual partners with another person plus the family connections acquired with the partner

socioemotional wealth

family of origin