-Retirement and estate planning. Long term planning to cover the necessities and realities of older members when they leave the company.
-Training. There should be a specific training program when you integrate family members into the company. This should provide specific information that related to the goals, expectations and obligations of the position.
-Paternalistic. Control is centralized and influenced by tradition instead of good management practices.
-Overly Conservative. Older family members try to preserve the status quo and resist change. Especially resistance to ideas and change proposed by the younger generation.
-Communication problems. Provoked by role confusion, emotions (envy, fear, anger), political divisions or other relationship problems.
-Systematic thinking. Decisions are made day-to-day in response to problems. No long-term planning or strategic planning.
-Exit strategy. No clear plan on how to sell, close or walk away from the business.
-Business valuation. No knowledge of the worth of the business, and the factors that make it valuable or decrease its value.
-Growth. Problems due to lack of capital and new investment or resistance to re-investment in the business.
-Vision. Each family member has a different vision of the business and different goals.
-Control of operations. Difficult to control other members of the family. Lack of participation in the day-to-day work and supervision required.
-Tunnel vision. Lack of outside opinions and diversity on how to operate the business.
-Lack of written strategy. No documented plan or long term planning.
-Compensation problems for family members. Dividends, salaries, benefits and compensation for non-participating family members are not clearly defined and justified.
-Role confusion. Roles and responsibilities must be clearly defined.
jim items answered the question on March 19, 2019 at 06:00
- Highlight four indicators of a business opportunity(Solved)
Highlight four indicators of a business opportunity.
Date posted: March 17, 2019. Answers (1)
- Outline The Steps Involved In Strategic Marketing Process?(Solved)
Outline The Steps Involved In Strategic Marketing Process?
Date posted: March 16, 2019. Answers (1)
- State the role of creativity in a business.(Solved)
State the role of creativity in a business.
Date posted: March 16, 2019. Answers (1)
- Define Strategic Management.(Solved)
Define Strategic Management.
Date posted: March 15, 2019. Answers (1)
- Explain the difference between logistics and transport?(Solved)
Explain the difference between logistics and transport?
Date posted: March 15, 2019. Answers (1)
- State the activities performed at operational level in logistics?(Solved)
State the activities performed at operational level in logistics?
Date posted: March 15, 2019. Answers (1)
- State the content of A Bill Of Lading?
(Solved)
State the content of A Bill Of Lading?
Date posted: March 15, 2019. Answers (1)
- What is cross docking?(Solved)
What is cross docking?
Date posted: March 15, 2019. Answers (1)
- Explain Advance Shipping Notice (ASN)?(Solved)
Explain What Is Asn (Advance Shipping Notice)?
Date posted: March 15, 2019. Answers (1)
- A committee of 12 is to be selected from 10 men and 10 women. In how many ways can the
selection be done if
(i) there are...(Solved)
A committee of 12 is to be selected from 10 men and 10 women. In how many ways can the
selection be done if
(i) there are no restrictions?
(ii) there must be six men and six women?
(iii) there must be an even number of women?
Date posted: March 6, 2019. Answers (1)
- Account for the low bargaining power of trade unions in Kenya today.(Solved)
Account for the low bargaining power of trade unions in Kenya today.
Date posted: March 5, 2019. Answers (1)
- Discuss the main challenges/problems that face the small scale industry in Kenya today(Solved)
Discuss the main challenges/problems that face the small scale industry in Kenya today
Date posted: March 5, 2019. Answers (1)
- Other than commercial banks, mention any other four financial institutions that provide
financial services in Kenya.(Solved)
Other than commercial banks, mention any other four financial institutions that provide
financial services in Kenya
Date posted: March 5, 2019. Answers (1)
- Explain Why oral communication has lost popularity.(Solved)
Explain Why oral communication has lost popularity.
Date posted: March 5, 2019. Answers (1)
- Account for the popularity of supermarkets in Kenya today(Solved)
Account for the popularity of supermarkets in Kenya today
Date posted: March 5, 2019. Answers (1)
- Outline any four factors that have promoted the growth of commerce over the years(Solved)
Outline any four factors that have promoted the growth of commerce over the years
Date posted: March 5, 2019. Answers (1)
- Explain any three parties to a cheque.(Solved)
Explain any three parties to a cheque.
Date posted: March 5, 2019. Answers (1)
- Mention any four factors that account for the high demand for cellphones/mobile phones in
Kenya today.(Solved)
Mention any four factors that account for the high demand for cellphones/mobile phones in
Kenya today.
Date posted: March 5, 2019. Answers (1)
- Highlight any four reasons why a government may set up parastatals to supply essential
goods to its people.(Solved)
Highlight any four reasons why a government may set up parastatals to supply essential
goods to its people.
Date posted: March 5, 2019. Answers (1)
- Distinguish the following pair of concepts
(a) Transport and communication
(b) Warehouse and warehousing.
(c) Cheque and bankdraft(Solved)
Distinguish the following pair of concepts
(a) Transport and communication
(b) Warehouse and warehousing.
(c) Cheque and bankdraft
Date posted: March 5, 2019. Answers (1)