Asked by Kevin Chaffins on Jun 17, 2024
Verified
In succession planning, family businesses should do all the following except
A) set up the succession plan well in advance of the need to use it.
B) use entrepreneurial consultants in establishing the succession plan.
C) share the succession plan with all who are affected by it and make sure that they understand it.
D) identify the leadership successor well ahead of time.
E) prepare the leadership successor through training and experience to assume the new role when needed.
Succession Planning
A strategic process for identifying and preparing suitable employees through mentoring, training, and job rotation to replace key players within an organization as they leave or retire.
Entrepreneurial Consultants
Professionals who provide expert advice to businesses on how to innovate, grow, and achieve their entrepreneurial goals.
Leadership Successor
A Leadership Successor is an individual identified and prepared to take over a leadership position, ensuring continuity in leadership and strategic direction of an organization or group.
- Acknowledge the value of succession preparation in familial enterprises and its associated obstacles.
Verified Answer
BA
Berenize AlonsoJun 20, 2024
Final Answer :
B
Explanation :
Family businesses should not necessarily use entrepreneurial consultants in establishing the succession plan, as they may not have the necessary knowledge or experience in family dynamics and relationships. Instead, it is often more beneficial to seek guidance from professionals who specialize in family business succession planning.
Learning Objectives
- Acknowledge the value of succession preparation in familial enterprises and its associated obstacles.