1 Why are boards with independent outsiders deemed so important to family-business competitiveness and continuity? What benefits might non family management derive from this family constitution?
2 What unique advantage does strategic planning offer the family-owned business? Why is a mature family-owned business, one often facing the prospect of succession, so vulnerable to decline and failure?
3 What is the definition of entrepreneurship, and what resource does it represent to the family-owned or family-controlled company? How can growth resulting from entrepreneurship and competitive advantage help the next-generation leader create a platform for positive-sum dynamics in the family and therefore enhance the prospects of continuity? What are buy–sell agreements, and what benefits do they provide family-business shareholders?
4 What are the five major topics that the family needs to address to effectively achieve parallel planning with the business? Describe three common valuation approaches for businesses that are going concerns.
