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Which of the following statements concerning family businesses is correct?

1. Family members often work in the business but may not sit on the council.
2. Family businesses employ about 20 percent of America's total workforce.
3. Most top managers at family firms tend to stay in their positions much longer than those at nonfamily firms.
4. Family businesses plan for succession using a critical-point plan.

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Answer:

3. Most top managers at family firms tend to stay in their positions much longer than those at nonfamily firms.

Explanation:

A key success factors in family firms is understanding the culture. This is usually the foundation of the business.

So when family members occupy a position, they tend to stay on much longer because they have intimate knowledge of the business and the goals and objectives are personal to them.

Also loyalty tends to play a part, family members have close relationships which are long-term.

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