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Management

Family Businesses

Definition: A business actively owned and/or managed by more than one member of the same family
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Advisory Boards

Definition: A group of individuals who've been selected to help advise a business owner regarding any number of business issues, including marketing, sales, financing, expansion and so on; a body that advises the board of directors and management of a corporation but does not have authority to vote on corporate matters
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Corporate Culture

Definition: A blend of the values, beliefs, taboos, symbols, rituals and myths all companies develop over time
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Government Contracts

Definition: Agreements that outline business transactions between companies and government entities
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Benchmark

Definition: A standard or point of reference in measuring or judging the current value or success of your company in order to determine your future business plans
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Delegation

Definition: The assignment to others of the authority for particular functions, tasks and decisions
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Exit Strategy

Definition: The planned exit of an owner from their business
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Mission Statement

Definition: A sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies
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Trade Association

Definition: An organization that represents the interests of the member firms of an industry
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Owner's Salary

Definition: The wages a business owner pays himself for work done for the business
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Selling Your Business

Definition: The process of putting your business up for sale by an individual or other company
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Social Responsibility

Definition: Acting with concern and sensitivity, aware of the impact of your actions on others, particularly the disadvantaged
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Succession Plan

Definition: The process of planning for the day a business owner decides to step down from their leadership role
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