With a college-level business degree in hand, you are headed for a job in the family’s business. As a result of your education, you have learned some of the latest practices in management. You know that these new ideas have not been adopted in the company, but the business is showing a good return on investment. Should you “rock the boat”? How should you proceed in correcting what you see as obsolete approaches?
Answer to relevant QuestionsShould a son or daughter feel an obligation to carry on a family business? What might happen if that prospective successor chooses not to join the firm?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?When should you write a business plan? When might it not be necessary or even advisable to write a plan?1. Why is your research thus far inadequate for what you need to know?2. Do you think it will be difficult to find all the information you need?3. What else might you do to find the information you need?Briefly describe each of the components of a formal marketing plan.
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