Succession is one of the major turns in the family business due to the conflicts it creates because of complications such as the involvement of letting go of power, accepting the changes future generation has in mind and accepting the growth which is not completely understandable by the previous generations, etc. Succession planning can as well contribute to the growth of the business by clarifying the responsibilities for the future generation.
In my family, the concept of preparing for succession does not exist, as it is considered greedy and taboo and is believed to be something that can disrupt the harmony of the family. The issue disturbs me personally as leaving the preparation plan or not engaging in the succession plan will only make it difficult to understand the working of the business and can as well lead to the falling apart of the business. I plan to initiate the conversation again and I am as well working on a possible succession plan to discuss with my family.
succession arranging can help in planning a proficient debate goal component , which can give arrangements at different phases of business and succession .