Chapter 5

4. An organization in which either the individuals who established or acquired the firm.. or their descendants significantly influence the strategic decisions and life course of the firm.
5. A venture operated by a founding entrepreneur.
6. The practice of employing relatives in the family firm. (employment to relatives regardless of qualifications.
7. Couples teams who own and manage businesses.
10. An organized group of family members who gather periodically to discuss family-related business issues.
11. A gathering of family members, usually at a remote location, to discuss family business matters.

1. A business in which the children of the founder become owners and managers. (Second generation takes over.)
2. A statement of principles intended to guide a family firm through times of crisis and change.
3. A business in third and subsequent generations when children of the Sibling Partnership take ownership and management positions.
8. A group of people bound by a shared history and a commitment to share a future together, while supporting the development and well-being of individual members.
9. The exercise of reasonable care in the evaluation of a business opportunity.