Prepare a successor for the Family Business

Transition of the family with a number of pitfalls in inter-family structure suffers from problems of business management. Selection and preparation of a successor is not without challenges.

Among the many companies, personnel, and tax issues to be adDressed as part of the transformation process, the preparation should be the successor to the first floor. This person, most of the responsibility for implementing the business further transferredof success.

Organizing the continuity of management by in-sequence family is a long-term project and requires a long-term planning, which allows a systematic way:

IntroDuction
Identification and selection of potential successors
Training and
Building support

IntroDuction

Initiation refers to the period in which the life of a family when they "learn" the passive activity of conversations about family affairs.You will hear a comment about how good or bad, the people, by the other members participating. When you create the overall impression of these discussions, they are negative, it is unlikely to be interested in working for the business later in life.

If the objective is to promote an heir, and finally give the company then build the right mental attitude should start soon. Demonstration of enthusiasm for the idea while stressing the positive aspects of society and itsThe potential will encourage them to think that it's worth as a career.

Identification and selection of a successor

likely successor can be identified with the company through their involvement. This may be facilitated by periods of part-time or on holiday in different positions so that candidates can and try to see if they are interested in evaluating and for the older generations for their suitability as a successor.

With all the episodeHere, the selection of the most difficult step, especially if the choice between a number of children. The decision may, with the brothers as favoring one of them above the other, a perception which may be disastrous for the family welfare and harmony of the brothers can be considered. Avoid the question and waiting for family members to figure it out between them once the owner leaves, is a recipe for disaster.

The decision, the successor requires serious consideration of what is at stake. L 'future of society depends on the person cHosen to carry out managerial responsibilities Position the real owner must honestly analyze the strengths and weaknesses of all potential successors of family separation issues of loyalty and fairness of the questions business acumen and the ability to strategic management.

If the transaction has a board of outside directors, are their contributions to the suitability of potential successors valuable sound advice.

In a worst-case scenario, the owner mustconsider the decoupling property management and the appointment of an outsider as CEO while the family retains the title.

Training

Many of the founding members of a family learned their skills in managing the labor market, and often take their children to do likewise. This may be possible in some cases, but consider the rapidly changing business (outsourcing, cheap imports, new technologies, labor law, complex, increasing the pressure on companies to actsocially responsible way), many companies could benefit from a manager with formal training in industry and management to profit.

The older generation must not only analyze whether there is a viable successor within the family, but also what will need experience and training that person, if you want to make a significant contribution to the business.

successors would likely be in different areas of society, allowing them to fully underStand how the business work. Youshould be useful in positions of responsibility, with well defined, so that they have set for the chance and prove their eligibility. In small enterprises, this approach could be risky, because one person is usually responsible for a series of tasks. However, candidates for the succession can not be measured effectively, if not given the responsibility and authority for specific tasks.

Some families request that they work for a numberyears outside the company to eliminate the personal factor relationship of education and putting it what it really means to engage in a management goal of employment.

Building support for the successor

A family member newly appointed as a manager is not burdened by any kind of baggage an outsider. Something you probably already know, and made judgments on the basis of this knowledge - the personality, like the rest ofthe family considers them their skills. This may cause employees to discount as a material Boss', making it difficult for the new manager to impose his stamp on the business. While it is difficult to completely deny these influences, it is certainly worth a test, a look at the management and successor as worthy of respect, to consolidate in that capacity.

During the business-planning meetings between the family and in formal meetings with employees, if the successorAttention should be given. In day to day activities should be the successor to what an outside hire would have been to establish its position among the employees. position descriptions and performance evaluations are honest equally valid for members of the family, as for other workers.

IntroDuction to the ratio of outside business relationships, including customers, banks and business partners will be identified as followers and give time for everyone to know each other anddevelop respectful relationships.

In family-work transition, where the succession is expected to avoid potential pitfalls. The key to choosing the most suitable family member to take over the activities are long-term planning by the owner, an open debate among stakeholders and decision-making on the basis of what is best for the business, not what is best for each family member to avoid particular topic or family.

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