Succession planning consists of 4 stages of the process: identify, evaluate, plan and implement. Succession planning was the main theme of this week, which reinforced the idea of succession as a continuous process rather than seeing it as a one-time event (Birley, 1986). Succession paths include both internal and external leadership, where the transition of ownership and leadership is important to ensure smoother business operation. Our team activity included interviewing peers and understanding their readiness, along with their current skills and leadership ability to lead a family business. Comparing my results to my peers’ work, I noticed some common issues like time management, decision-making in their family business. I gave feedback on one’s report, suggesting to include more data to analyse the root cause. The video on Vikram Bhalla’s speech was important to understand the strengths and weaknesses of each business to understand the power of ownership to operate and scale.
Reference: Birley, S. (1986). Succession in the family firm: The inheritor's view. Journal of Small Business Management, 24(3), 36.