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Succession: Continuing entrepreneurship and the next generat
Transcript of Succession: Continuing entrepreneurship and the next generat
Management of relationships with family members
Siblings relations are the result of how parents handle their relations with multiple children
Next generation personalities
Siblings adopt very different but complementary personalities, and they present unique opportunities for staffing a growing business. But this differences may constitute grounds for much disagreement and conflict.
Disagreement having the difficult conversations
Disagreement about the vision and future direction for the firm.
Example of how to create a succession plan for a franchise business
Is the next generation good enough to run the business ?
Next-generation leaders need to share some of this characteristics:
-Know the business well
-Experience and education
-They want to lead and serve
-Guided responsibly by previous generation
-They have authority
-Their skills and abilities fit the strategic needs
Rewards and challenges for latter-generation family members
-Knowledge has been transferred to them without formal efforts, about the business, its employees, and external stakeholders.
-Are kids good enough to run the business or possess the pasion and talents of the founding generation?
-Interests and abilities of the next generation fit with the opportunities in the family business.
Next generation attributes, interests, and abilities: ingredients for responsible leadership
Desirable next generation attributes
Respect of employees
Crafting the next-generation career plan
Smart money management: A good way to develop a sense of financial responsibility
Managerial worthiness: Business experience
Sibling and cousin teams
When cousins or siblings assume power may affect the CEO's ability to decide.
Interdependence of team members
Interdependence, or coordinated independence, is a central issue for sibling and cousin teams.
Design an organizational structure that establishes very different roles for the different members of the next generation.
A vision for the company: taking it to the next level
Each generation has the responsibility of bringing to the business their own vision for the future of the business,
Redesign information and financial systems
Pursue digital strategies
Respecting the past and focusing on the future
The tension across generations around the issues of growth and innovation is neither new nor exclusively a product of new technology or the e.commerce revolution
Some final rules of the road for next-generation leaders
Next generation's leaders have to understand that their mission is to lead, concurrently, the business, the family, and the shareholders.
Nonfamily managers, family members not active in the busines, and other shareholders may have different needs and goals than family members and they must recognize the different perceptions.
1-Get your house in order
2-Put together a team
3-Create a successor profile
4-Identify your successor
5-Put them through the paces
Ernesto J. Poza (2010) Family business. South-western cengage learning. Third edition.
Jason Daley (2011) Hoe to create a succession plan for a franchise business retrieve the 28/09/2013 from http://www.entrepreneur.com/article/220734