Choosing A Successor In A Family Business
- Tags:
- BizMove.com,
- Career,
- Entrepreneurship,
- Family Business,
- Management,
- Professional Development,
- Successor
- Source:
- BizMove.com
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Overview: Succession is a process that may extend from three to six years or longer depending on one's age and on the successor's age. It occurs in phases. Over a period, one initiates or educates children to the family business. After determining a successor, one develops a plan to transfer leadership in the family business. The decision to announce who the successor is and when the transition will occur depends on the family. There are benefits to making an early announcement, including (1) reassuring employees, suppliers and customers, (2) allowing siblings time to adjust to the decision and to make alternative career decisions, if necessary, and (3) enabling the entrepreneur to plan for retirement. Thus, the fundamental goal should be to pass the family business successfully to the next generation. To do this one must feel financially secure, secure with the company's future goals and plans, and secure with the successor.
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Format: HTML | Date: Jan 2003 | Pages: 1
