An advantage of family-owned businesses is that succession planning is unnecessary if the founder has children and/or grandchildren.

Question

Quizplus · Accepted Answer

Even if the founder has children and/or grandchildren, succession planning is still necessary as they may not be interested in taking over the business or may not have the necessary skills to run it. It is important to have a plan in place to ensure the long-term success of the business.

An Advantage of Family-Owned Businesses Is That Succession Planning Is