PART B - TRUE OR FALSE Select the correct answer 1. T. F 2. T. F 3 T F A second-generation owner of a family business is not a true entrepreneur Parents generally find it easy to delegate to their offspring There are no formal educational requirements for taking over a family business. Customer loyalty is more likely to be retained when their is an abrupt transition of power Siblings close in age and of the same gender are more likely to continue rivalries into adulthood. 4. T. F on 5. TF 6. T. F A family council carries the same authority as a board of directors. 7 T. F "Family Business" is not available as a field of study in any major North American business school 8 . F. On retirement, the main advisor for a family business owner should be the family member taking over the business Business owners are most likely to commit to a succession plan when they are in their fifties. 9. T. F 10. T. F. Leading the family business requires a deep involvement with family politics PART C-FILL IN THE BLANKS 1. When life partners are partners in a small business, they are likely to have none of the that would be provided by an employer. 2. refers to a training program where the trainee gets increasing responsibility over a long period of time. 3. The ability to experience the feelings and motives of others is called 4. Generally, the most advantageous legal form, for passing a business to the next generation is 5. The process of making contacts and building relationships for mutual support is called