Why is it so important for a small business owner to develop a management succession plan? Why is it so difficult for most business owners to develop such a plan? What are the steps that are involved in creating a succession plan?
Answer to relevant QuestionsInc. Magazine claims, “Entrepreneurship is more mundane than it’s sometimes portrayed . you don’t need to be a person of mythical proportions to be very, very successful in building a company.” Do you agree? Explain. How does the typical entrepreneur view the possibility of business failure? What can business owners do to maintain high ethical standards in their companies? How can businesses ensure consumers rights? Briefly describe the options a small business owner wanting to pass the family business on to the next generation can take to minimize the impact of estate taxes.
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