One of the things family-run businesses fail to prepare for is business succession planning. What this entails is being able to identify people who can assume key roles during transition.
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Management Solutions Expert to
Ensure Continued Business Success
One of the things family-run businesses fail to prepare for is business succession
planning. What this entails is being able to identify people who can assume key roles
during transition. Take, for example, Apple's Steve Jobs. While Apple is not a family
owned business, they certainly had this in mind when its creative genius stepped
down due to long-term health issues. Now that Jobs has died, Tim Cook will be
looked on by the masses as the captain of the company's future success.
This is why planning ahead of time can help your business maintain continuity in
situations such as a sale, the loss of upper management employees, or the abrupt
retirement or death of an owner. Small, family-owned businesses will benefit by
speaking with Ebele Kemery a risk management solutions specialist. Big companies
like Apple will always have contingency plans in place. It is these smaller players that
really need this since they do not have a large infrastructure to support them when in
One key aspect of business succession planning requires giving current employees
adequate training for possible advancement. After all, you want to be able to give
them the chance to rise up from the ranks into positions of authority. In order for
this to happen, they have to work closely with managers and other key personnel to
develop their skills and thoroughly understand the company and its culture.
When senior level officials retire or move on to other businesses, you avoid the
possibility of being left hanging. This is because you have well-trained staff waiting in
the wings ready to take over responsibilities and keep the company on a steady
course. For upper management roles, like chief officers, it is critical to have someone
ready to step in, in case of a problem.
While small businesses may have limited employees, risk management solutions
experts will tell you the loss of an owner or key manager can destabilize things. A
carefully crafted succession plan from Ms. Ebele Kemery will help your business
remain functional while the reins of power are being transferred to the next
generation. At this critical time, make sure your employees get all the support they
need to achieve a smooth transition. With business succession planning, you also
negate the possibility of future family disputes that could fracture what past
generations worked hard for.
Creating this plan starts by identifying all key roles and defining them. Detailed job
descriptions that are regularly updated are important to this process. With this
information, the team that is hired to help in the transition will know which
candidates are right for the job. The process also encourages you to take steps like
entering into a buy-sell agreement to retain company interest during a transition
Whether you belong to a large corporation or a small business, continuity is
important. Imagine all that time and energy spent building up the business and
attracting clients. Business succession planning makes sure that what you and past
family members have accomplished will remain for future generations to come. Your
corporation remains functional even in transition, with jobs preserved, company
reputation maintained, and an existing client base yours forever.
Ms. Ebele Kemery is associated with JPMorgan Asset Management; she has provided
institutional client relationship management and tailored risk management solutions
in the Investment Bank’s Global Commodities Group. Ms. Kemery is also a Member
of the Editorial Advisory Board of the Global Commodities Applied Research Digest,
and full-tuition scholar from top-tier University possessing a Bachelors of
Engineering in Electrical Engineering.
For more details please visit: http://ebelekemery.blogspot.com/