Bill is the paternal head of his family and the family enterprise.He is concerned about the business and wants to ensure its survival for the long run.You, as a consultant, advise him to ______.

Question

Bill is the paternal head of his family and the family enterprise.He is concerned about the business and wants to ensure its survival for the long run.You, as a consultant, advise him to ______.

Quizplus · Accepted Answer

Passing on the family's values and beliefs to the next generations is crucial for the long-term survival of a family business. It ensures that the family's legacy and culture are preserved, and the younger generation understands the family's vision and mission, which will guide their decisions as they take on leadership roles in the future. Hiring an advisor, developing a business plan, and establishing a trust are also essential steps, but they are not as critical as passing on the family's mindsets and philosophies.

Bill Is the Paternal Head of His Family and the Family