Familybusiness
Family businesses are characterized by their very special interaction between business and family. Sabine Pelzmann-Knafl offers advice on delivery processes, business development processes and family conferences.
Sucessful succession in family businesses
by Sabine Pelzmann-Knafl
Family businesses are characterized by their very special interaction between business and family. This particular entanglement is important when it comes to succession in family businesses.
The transferor's blind spot.
Often, only the children are considered as successors. Parents sometimes decide to early which child would lead the business best and do not care for their childrens wishes and dreams. Even if the children follow a different profession, parents hold onto their wish and wait for their children to decide differently. It is usually not considered that other relatives or employees could take over the lead of the business.
Communication concerning the succession process.
All family members should talk openly about different possibilities and methods of the successions, who might be the best future leader of the business, how the succession can be done easily. The intended successor should be given the best training and should collect as much experience as possible.
Sustainable Organization.
Not all business decision can be delayed for a few years when the lead has been taken over by the boy. It is important to establish organizational strucutres that are as independent as possible from the transferor.
Smooth handover with successor concept.
It makes sense, to have an agreement a couple of years before the succession who should grow how with what steps in to the business, how the transfer of responsibility is to run.
Professional support.
It is common to accompany transfer processes by lawyers and tax consultants. It is also advisable to get advice in emotional aspects. With the transfer, the leadership role changes in the company, but not the role in the family.