Discuss some of the commonly employed management practices in family business. Discuss the positive aspects of family business.

Commonly Employed Management Practices in Family Business:

1. Family Governance Structures:
   Family businesses often employ governance structures tailored to their specific needs. These may include family councils, boards of directors with family members, or family assemblies. These structures facilitate communication, decision-making, and conflict resolution within the family unit.

2. Succession Planning:
   Succession planning is critical for the continuity of family businesses. Establishing clear guidelines for leadership transition, identifying successors, and providing training and development opportunities for the next generation ensures smooth succession and business sustainability.

3. Emphasis on Long-term Goals:
   Family businesses tend to prioritize long-term sustainability ____ ________ ___ _____ _________ _________ ___ _____ ____ ____ ________ __________.
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