What are some steps a family-run business can take to help with succession planning?
What will be an ideal response?
Devote as much thought to getting the former boss to move on as to training his or her successor. For example, give the retiring boss something to fill his or her days, such as running a family charity
To ensure that heirs are ready for the jobs they inherit, make them prove themselves outside the family firm. Require both family and nonfamily executives to go through a “future leaders program,” which uses tests, inventories, and assessment exercises to assess their abilities. Sometimes family-owned firms look to outsiders, especially for new ideas and technology for the firm. Experts advise firms in that situation to start early, for it may take 3–5 years for the successor to become fully capable of assuming leadership for the company.
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The law of larceny allows defense to be used when the property stolen from the possession of another actually belongs to the alleged thief. This is known as the defense of _______________ __ ___________________.
Fill in the blank(s) with the appropriate word(s).
______________ property is all property acquired prior to marriage or acquired during marriage by gift, will, inheritance, or other means classified as separate by state statute.
Fill in the blank(s) with the appropriate word(s).
Courts of limited jurisdiction include the following:
A. Probate B. Bankruptcy C. Small claims court D. State trial courts E. Probate, bankruptcy, and small claims courts
An optical disk is an example of
a. online data. b. near-line data. c. offline storage. d. back-up media.