When a family businesses evolves to have multiple generations working together, they must:

• A Redefine roles and responsibilities
  Correct!
• B Create new visions and values
  Incorrect. The right answer is A.
• C Integrate new technology
  Incorrect. The right answer is A.
• D None of the above
  Incorrect. The right answer is A.

In family business, there are many life cycles happening simultaneously. Which of the following is not one of these life cycles?

• A Individual
  Incorrect. The right answer is C.
• B Industry
  Incorrect. The right answer is C.
• C Economic
  Correct!

In the case study animation, what are Robert's conditions for handing over the business to his son Eric?

• A Earning an MBA
  Incorrect. The right answer is D.
• B Working with a Coach
  Incorrect. The right answer is D.
• C Waiting three years
  Incorrect. The right answer is D.
• D All of the above
  Correct!

The life cycle stages as an owner include:

• A Founding, Exploiting, Conserving
  Incorrect. The right answer is C.
• B Primary, secondary, tertiary
  Incorrect. The right answer is C.
• C Single owner, multiple owners, multigenerational owners
  Correct!

In the case study animation, Eric will be working in partnership with his mother when he takes over the business. What is his key concern?

• A He needs to make a name for himself outside his parents
  Correct!
• B He and his mother will argue
  Incorrect. The right answer is A.
• C He does not believe his mother is capable
  Incorrect. The right answer is A.

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