Appendix A
Glossary
accounts receivable Money owed to you by your customers. If your customers owe you a lot of money, your business can suffer. Keep up with customer debt by sending monthly bills and following up with phone calls to late payers.
 
agency loss The loss a business suffers when owners are not also managers. Family businesses tend not to suffer as much agency loss as nonfamily businesses because family members often hold top management positions.
 
brand image What an average consumer thinks of your company. A brand image consists of the ideas and experiences associated with a product or business in the minds of consumers.
 
buy-sell agreement A document that sets the terms on how a business will continue when an owner wants to retire. ...

Get The Complete Idiot's Guide to a Successful Family Business now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.