In making decisions about transferring ownership of a family business from one generation to another, how much emphasis should be placed on estate tax laws and other concerns that go beyond the family? Why?
Answer to relevant QuestionsIf you start a venture and expect some of your family members to join you, what rules do you think you should write down in advance?What do entrepreneurs usually mean when they talk about a business plan?If the income statement of a financial plan shows that the business will be profitable, why is there a need for a statement of cash flows?Briefly explain the three components of the definition of a market, as presented in this chapter.Why would investors tend to favor a new business led by a management team over one headed by a lone entrepreneur? Is this preference justified?
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