It is worth to consider the model of the three Gersick circles: Family, Property and Management. That is, there are family members who run the business and who are owners. There are family only owners. There are leaders who do not belong to the family nucleus and who are not owners. There may be non-family owners, whether or not they are leaders. Thus, succession must be planned, establishing the basis to be followed for those who can or can not participate in management, to avoid confusing the sphere of the family with that of the business.
As far as my perception goes, first we should consider whether our business matches with the current market trends. Secondly we should consider the number of competitors and their product range. Then we should be very clear about the objectives of our business. Based on all the above mentioned factors, we might formulate some strategies to succeed in business.
Dear Duraisamy
It is regarding Succession of Business.................what will happen after the death of owner(in case of sole trader) and likewise.
What may be the possible Succession Plans.
I believe that the most important strategic factors to be kept in mind in case of decision regarding Succession of Business are the Key Performance Indicators (KPIs). Implementing the Balanced Scorecard can be used to: Communicate what they are trying to accomplish. Align the day-to-day work that everyone is doing with strategy. Prioritize projects, products, and services. Measure and monitor progress towards strategic targets.
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