Succession Planning
Course Description
The seminar-workshop is designed to give the participants an overview of what “Succession Planning” or “Leadership Transition” is and what it means for the continued success of the Family Business.
A study by the University of Connecticut Family Business off 800 family businesses said that the ultimate collapse of firms was precipitated by the founder’s death or incapacity in 47.7% of businesses. That compelling statistic surely affirms the importance of Succession Planning.
The actual physical “Changing of the Guards” is an event, but the Succession Planning that should precipitate that should be a process consciously engaged in by the family so that the actual event is not an imposition but a result.
Succession Planning is a professional, rational and perpetual process in any successful business enterprise. How come when applied to Family Business where the contenders are family members, the process losses professionalism and rationality? Worse, it is put in the back burner not addressed at all.
The participants should put all relevant succession issues in a structured format and address potentially emotional issues in professional framework so that these issues can be addressed effectively and enable the family to formulate guidelines for the smooth generational transition and leadership – identification of the potential successors, leadership training, etc.
Objectives
Course Content
Methodology
Who Should Attend?
Owners, family members, entrepreneurs, students, professionals involved in family businesses, and others who are dealing with family businesses.
The seminar-workshop is designed to give the participants an overview of what “Succession Planning” or “Leadership Transition” is and what it means for the continued success of the Family Business.
A study by the University of Connecticut Family Business off 800 family businesses said that the ultimate collapse of firms was precipitated by the founder’s death or incapacity in 47.7% of businesses. That compelling statistic surely affirms the importance of Succession Planning.
The actual physical “Changing of the Guards” is an event, but the Succession Planning that should precipitate that should be a process consciously engaged in by the family so that the actual event is not an imposition but a result.
Succession Planning is a professional, rational and perpetual process in any successful business enterprise. How come when applied to Family Business where the contenders are family members, the process losses professionalism and rationality? Worse, it is put in the back burner not addressed at all.
The participants should put all relevant succession issues in a structured format and address potentially emotional issues in professional framework so that these issues can be addressed effectively and enable the family to formulate guidelines for the smooth generational transition and leadership – identification of the potential successors, leadership training, etc.
Objectives
- Develop an understanding of the complexities that exist in the Succession Planning Process
- Develop an in-depth understanding of Succession Planning, generational & leadership transition in a family business setting
- Gain insights into the concept of Ownership with Management and the concept of Ownership without Management
- Appreciate the benefits of Planning for Succession in the long term survival of the Family Business.
Course Content
- The meaning of Succession Planning or Leadership Transition
- The Succession Planning Process
- Benefits of a Succession Planning process to Family Dynamics
- Family Member’s role/s and responsibilities in the Succession Planning Process
- The Other Stakeholders: the Non-Family member professionals
Methodology
- Lecture on the Succession Planning Process.
- Case studies
- This course will be highly interactive.
- There will be a hands-on workshop -- actually engaging in a Succession Planning activity with other participants in a Family Meeting setting.
Who Should Attend?
Owners, family members, entrepreneurs, students, professionals involved in family businesses, and others who are dealing with family businesses.
