What has Tim done regarding the management of his business?

The choice indicating that Tim has handed the management of his business to his daughter suggests a significant transitional action related to succession planning and the delegation of authority. This option implies that Tim has made a strategic decision to pass on the responsibilities of managing the business to the next generation. Handing the management to his daughter indicates trust in her abilities and a desire to ensure continuity of the business under new leadership.

The other options, while plausible actions regarding a business, do not precisely capture the context of Tim's decision. Expanding the business would imply growth and an active role in management, while closing it down suggests a complete cessation of operations, which does not align with the idea of delegation. Similarly, reducing its size might imply making cuts or scaling back operations but does not convey the action of transferring management responsibilities.