Exam (elaborations)
CEPA Terms - Session 5: Questions And Solutions
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CEPA Terms - Session 5: Questions And Solutions
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CEPA Terms - Session 5: Questions And SolutionsWhat is familiness? Right Ans - A unique bundle of resources resulting
from the interaction of family, individuals and business. Not genetically
predetermined.
True or false, family businesses tend to outcompete non-family businesses?
Right Ans - True
How do you address team challenges early in the process? Right Ans -
•Education (owner and advisor)
•Chapter projects & community outreach
•Know the methodology...and your place in it
•Workshop demonstrating the holistic approach
•Speaking and writing builds credibility
•Website
•Happy Hours
How do you handle when a team already exists upon your arrival on scene?
Right Ans - Team building upfront and buy-in on a holistic approach.
What makes an effective team (TCCAR)? Right Ans - Trust
Conflict (Resolution)
Commitment
Accountability
Results
Reasons why advisors and professionals will not work well within a team
include: Right Ans - A) Fear of being displaced
B) Fear of losing control or not being in control
C) Fear of losing their relationship with the owner
D) Lack of knowledge or experience
E) Creation of inner team politics
What is collaboration? Right Ans - A cooperative arrangement where two
or more people, which may or may not have a previous relationship, work
jointly towards a common goal.
, What two things do you need to the commitment of the members of your
team? Right Ans - Clear organizing principle, and buy-in from all members
to work towards that goal.
What are the organizing principles of a CEPA team? Right Ans - The three
legs of the stool - Personal, Business, Financial
Applied through the Value Acceleration Methodology™. Where we concentrate
on enterprise value while aligning personal and financial goals. Placing the
business owner and their family in the center. Collaboration amongst
advisors. Operating outside our silos.
What is the common goal of the team, no matter who is in the door first?
Right Ans - Get the owner to the TRIGGERING EVENT!
What are 4 ways you can refocus the team to attentiveness: Right Ans - -
Set and publish clear goals
- Publish declaration of results
- Create results-based rewards
- Lead for results
True or false: Teams help deliver a better-quality product to the business
owner because they create synergy, thus generating performance greater than
the sum of the performance of its individual members. Right Ans - True
What are three good methods for building trust among team members?
Right Ans - 1) Share common experiences
2) Become familiar with how each member prefers to communicate and make
decisions
3) Get to know one another socially
What is are corrosive elements within a team? Right Ans - A) Absence of
trust
B) Conflict avoidance
C) Ambiguity
D) Lack of accountability
What are cons/disadvantages of ESOPS? Right Ans - •ESOP can only pay
Fair Market Value
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