One of the disadvantages of a family business is that there are times when the interests of a family member may conflict with the interests of the business.

True

False

Who to hire may well be the biggest management challenge that a family business owner faces.

True

False

The core topics of management education—i.e., organizational behavior, strategy, finance, marketing, production, and accounting—are taught without differentiating between family and nonfamily businesses.

True

False

Culture competence refers to an understanding of the different cultures of your customers.

True

False

The salaries of sons and daughters in family businesses tend to be pretty much the same.

True

False

Succession is about passing the business to the next generation.

True

False

The fundamental psychological conflict in family businesses is guilt.

True

False

One of the main reasons that is given for the low percentage of family businesses that are passed down successfully to the third generation is that technological change moves so quickly that it bypasses the older generation.

True

False

Family squabbling can lead to an uncomfortable and awkward atmosphere that can cost you employees and customers.

True

False

An example of negative conflict in a family business would be arguments over who will be the successor to the business.

True

False