One of the disadvantages of a family business is that there are times when the interests of a family member may conflict with the interests of the business.
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False
Who to hire may well be the biggest management challenge that a family business owner faces.
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False
The core topics of management education—i.e., organizational behavior, strategy, finance, marketing, production, and accounting—are taught without differentiating between family and nonfamily businesses.
True
False
Culture competence refers to an understanding of the different cultures of your customers.
True
False
The salaries of sons and daughters in family businesses tend to be pretty much the same.
True
False
Succession is about passing the business to the next generation.
True
False
The fundamental psychological conflict in family businesses is guilt.
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False
One of the main reasons that is given for the low percentage of family businesses that are passed down successfully to the third generation is that technological change moves so quickly that it bypasses the older generation.
True
False
Family squabbling can lead to an uncomfortable and awkward atmosphere that can cost you employees and customers.
True
False
An example of negative conflict in a family business would be arguments over who will be the successor to the business.
True
False