Family Business Succession Research Paper Example | Topics and Well Written Essays - 1750 words

Family melody Succession - Research Paper ExampleFamily commercial enterprise succession has become one of the critical issues in the modern family organizations. This is more so in terms of leadership and the management of the firms. In most cases, conflicts come up among the stakeholders on who is supposed to take the leadership in case the leadership positions remain vacant overdue to assorted causes. It can also lead to inter coevalsal conflicts which can also be very critical the globe of an organization. This may affect the overall performance and to some extent the existence of an organization. There be various factors that determine the succession of handicraft from one family outgrowth to another. It is important to note that there is a evidential difference between intra-family succession and transitions between family and non-family members (Handler 298). As already noted, family business represents the largest fraction of the global economy. Therefore, they are essential to the well being of the global economy. Poor succession in family businesses can therefore adversely affect the performance of an organization. Many countries like Europe have come up with various measures to keep enterprises aware of the importance of having a thorough planning of the succession process in a well-timed(a) fashion. This is in an effort to rescue family organizations from falling. ... It is important to note that children depart not be automatically unbidden to be part of the family business. In some cases, children who have grown up in a business may become bored and therefore may not be willing to be successors (ABC byplay Consulting par 7). This is one of the reason why there is a need to have a succeeding(prenominal) generation eagerness on order to promote the performance of an organization. They may also take the business without seriousness, the fact that may dip an organization to failure. In order to come up with a happen performing gener ation in a family business, it is necessary to have the adolescent members of the family do simple tasks deep down the business on part time basis. This will provide them with insights to the business. It will also help the young generation to understand the business from the bottom up and also gaining a strong work ethical code (Lansberg 76). Early age involvement in business activities will also encourage the young generation to pursue higher education in order to take leadership positions in the future. In preparation for the future generation, it is also necessary to take a family member to work in an outside organization. This will help in broadening training and background. By on the job(p) in the family business and later working in an outside organization, a family member will be satisfactorily justified to take leadership positions in a family business upon coming back. There are several factors that must be taken into consideration when preparing for the future generat ion to join a family business. To begin with, it is highly recommended to have a family member work for another organization before being given a