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ADMS 3920 (34)
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Chapter 3

CHAPTER 3.docx

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Department
Administrative Studies
Course
ADMS 3920
Professor
All Professors
Semester
Fall

Description
CHAPTER 3 FAMILY ENTERPRISE Family Businessa company that has two or more members of the same family own or operate together or in succession Ownership passes through one generation of the family to the next FAMILY AND BUSINESS OVERLAPFamily Concerns Care and nurturing of family membersEmployment and advancement in the firmLoyalty to the familyBusiness ConcernsProduction and distribution of goods andor servicesNeed for professional managementEffective efficient operation of the businessADVANTAGES OF A FAMILY BUSINESS1Firmspecific knowledge These companies are in a unique position to pass this knowledge along from generation to generation
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