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Understanding The Family Business by Keanon J. Alderson

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Appendix C

Glossary

altruism: Unselfish concern for the welfare of others at the expense of oneself, for example, when families make business decisions that actually hurt the business, such as avoiding layoffs in a downturn or keeping a long-term yet unproductive employee.

birth order: The order of birth in a specific family from first to last, such as oldest, middle, and youngest. Each position has different characteristics and plays a different role within the family.

board of advisors: A semiformal group of business advisors charged with making suggestions and nonbinding recommendations to the firm.

board of directors: The formal organization required for all corporations that has authority, responsibility, and decision-making power. In ...

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