Small Business Management

Business

Quiz 2 :

Family-Owned Businesses

Quiz 2 :

Family-Owned Businesses

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What qualities have contributed to the success of Tire Rack
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The Tire rack success get seems to get stem on the fact that the family members get recover soon while they are spending their time, and live with other family members. Every family member has their own positions, and fulfill their duties, and responsibilities.
The family business was made up from the ground by M Joines, and P Veldman(father-in-law). Another quality which helps them to make a Tire Rack successful is to do focus on the organisations consumer service.
The main motive of the organisations is to provide the best goods, and services at the right price within the less amount of time. It seems simple, and easy, the company can do work in an effective manner, which can be seen by the success of the organisations.

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What problems face a company when a key officer leaves suddenly
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Key officer is someone who is involved in the key operations of the company. It could be anyone either reporting to the CEO directly or could be the CEO himself. The key officer provides services to the company as a main consultant of the company.
The company can face a number of problems when a key officer suddenly leaves:
Delay in decisions
The company can face number of problems when key officer leaves the office suddenly. It can lead to delay in decision making. The company may not be able to take the prompt decisions. Due to this, the company may not perform their tasks in an efficient manner. Due to delay in business decisions the operations of the business may get suffered.
Pressure from shareholders
The employees may get pressure from the shareholders for the completion of pending project work in a specified time. It will leads into more pressure on the employees by the shareholders to do work in a specified time and take prompt decisions.
Difficult to organize the company's work
When a key officer leaves office the business operations get unorganized. The business operations get unsmooth which put effect on the functioning of the company. A key officer know all about the business operations that when he or she will leaves the environment of the company get disturbed.

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If you start a business when you are in your twenties and thirties, should you do anything about your replacement Explain.
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Replacement can take place when the person wants to leave the organization, or in case of death of the person. Due to replacement, the owner of the company should reorganize the running operations of the company
The company should reorganize the current running assignments at the time of replacement, and get the work done from the present managers in an effective manner. The main specifications of the new manager can be written in a brad manner in order to widen the range of choices.
The present managers of the company that are family members, and non-family members, should take participation in the planning in order to feel out that they have make contribution in the decision. Hence, in some cases no heir is present to whom the business can be passed.

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Why is management succession so important an issue for any small firm For a family firm
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Why is management succession so important in a family firm
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Why is it often difficult to make reasonable decisions in a family business What problems are caused by a family organization structure
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How important is estate planning How can you do it
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Why is it often difficult to make decisions in a family-run business
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Suppose you have a successful business now but decide you want to leave it. What might be some reasons for leaving it What alternatives do you have for the business
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