One of the principal advantages of a family business is
A) increased potential for unity of purpose and action between owners and management
B) the succession plan for family members
C) a core set of values
D) the products and services the business provides

Question

Quizplus · Accepted Answer

A family business is more likely to have a strong sense of unity and shared purpose between owners and management, which can lead to better decision-making and action-taking. This is due in part to the fact that family businesses often have a long-term focus and a commitment to preserving the legacy of the family. This translates into a more cohesive and collaborative work environment, where everyone is invested in the success of the business. While the other options - B, C, and D - may also be advantages of family businesses, they do not capture the unique benefit of a shared sense of purpose and action.

One of the Principal Advantages of a Family Business Is