Quiz

1. One of the first steps before family business succession is clarifying goals and priorities. What should be kept in mind when establishing them?

2. What does “effective commitment” mean?

3. Succession of the company's management and succession of the company’s ownership cannot happen simultaneously.

4. What tool can you use to plan the transition of responsibilities during the family business succession process?

5. What factors you should consider when valuing your company? (Multiple answers)

1. Select the true statement

2. In order to be successful in establishing alternatives, you should:

3. Which of the following do not belong amongst the ground rules of brainstorming?

4. The method of multivoting is a group-decisison-making technique that:

5. The SMART tool helps to create a set of well-defined objectives according to the needs and criteria of involved interest groups.

1. What is a role

2. What is role ambiguity?

3. What are the different ownership roles in family businesses according to Aronoff and Ward?

4. What is role transition?

5. Why is it important to have clearly defined roles and responsibility for family members employed in the company? (Multiple answers)

1. Open communication is important is important to establish trust between family member:

2. Between the four factors of the Model of intergenerational negotiations for family businesses which characterize intergenerational communication there is:

3. The Co-Evolutionary Development is characterized by:

4. The Independent reorientation is characterized by:

5. There is a Cognitive conflict when

6. Taking the family into work and bringing work into the family is it a correct method for a family business for improving the communication?

7. In the code of conduct:

8. The family outsider does not include non-family members.

1. What are the three spheres of influence governance structures of family firms relate to?

2. Which system should be implemented in Medium Companies to guarantee a good family business Governance?

3. What is a correct family assembly considering the model of good Governance?

4. How often should a Shareholder Meeting take place to ensure Good Governance procedures?

5. What are the benefits of the Formalisation of roles through a Family Constitution inside the business? (Multiple answers

1. How many generations could possibly be in the workforce at this moment?

2. By 2030, the majority of the workforce is expected to be which generation?

3. Which of the following expectations is not linked to Generation-Y?

4. Does the research show there are typically generational differences in the workplace?

5. Which events could influence generational perspectives? Choose three.

6. It is generalised that Gen-Y and Gen-Z could be the first generations in many years who are not expected to have more financial security than their parents.

7. What are the suggested methods to get the best our of Gen-Y? Choose three.

8. Which of the following statements are true?

1. Privately own businesses generate more trust among stakeholders.

2. Familiness is a specific bundle of __________ unique to a business traditionally measured as an indicator of the implication of the family in the business.

3. Select which of these definitions are true for Emotional Ownership (EO) in a family business. (Multiple answers)

4. Which one of these are components of Emotional Ownership (EO)?

5. Socioemotional wealth (SEW) is a key driver of family firm behavior. Because of this, compared to non-family firms, family firms make different strategic choices related to aspects such as risk taking, environmental protection, internationalization or human resources management.

6. Imagine you're a senior owner looking to encourage EO to future generation owners. Please select which one of these actions would you implement to do it. (Multiple answers)

1. What are the 2 main areas of risks in succession process that should be considered? (Multiple answers)

2. Risk analysis is a tool that helps identifying, evaluating and prioritizing risks. What parts should be included in the analysis? (Multiple answers)

3. The risks of the succession process should be identified by the sole proprietor only, allowing for mitigating actions to be considered.

4. How often should a risk analysis be updated?

5. When doing risk profiles of incumbents and potential successors, it is useful to work with the board, family as well as non-family employees to identify the general profile risks.