FMB Exam 2 Questions and Answers | Latest Version | 2024/2025 | Graded A+
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Course
FMB Exm 2
Institution
FMB Exm 2
FMB Exam 2 Questions and Answers |
Latest Version | 2024/2025 | Graded A+
What does FMB stand for in the context of business management?
FMB stands for Family Managed Business.
Why is succession planning important in family businesses?
Succession planning is crucial to ensure the continuit...
FMB Exam 2 Questions and Answers |
Latest Version | 2024/2025 | Graded A+
What does FMB stand for in the context of business management?
✔✔FMB stands for Family Managed Business.
Why is succession planning important in family businesses?
✔✔Succession planning is crucial to ensure the continuity of the business across generations.
What is the role of governance structures in family businesses?
✔✔Governance structures help in formalizing decision-making processes and managing family-
business relationships.
How can family businesses balance family and business interests?
✔✔By establishing clear boundaries, open communication, and having a strategic plan that
addresses both family and business goals.
What is one key challenge in family businesses during generational transitions?
1
, ✔✔One key challenge is managing potential conflicts between family members regarding
leadership roles.
What is meant by the term "family constitution" in business management?
✔✔A family constitution is a set of guidelines and agreements that govern the relationship
between family members and the business.
Why is professionalization of management important in family businesses?
✔✔Professionalization helps in bringing objectivity, efficiency, and expertise to the business,
ensuring its long-term success.
How does emotional attachment influence decision-making in family businesses?
✔✔Emotional attachment can lead to biased decisions that may not always align with the best
interests of the business.
What role does communication play in the success of a family business?
✔✔Effective communication ensures that family members and stakeholders are aligned on
business goals, reducing conflicts and misunderstandings.
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