Succession and progression of the family business is extremely essential on the stability and durability of the business. Succession doesn’t mean just taking over the family business and continue what is being doing, it’s creating new content or implement you new ideas and recommendation for the benefits of the family business.
We have already set up a succession plan for our family business in the real estate sector. As we are a family of 3 brothers you can imagine the tensions and chaos dynamics that had occurs during the succession plan. The idea behind creating the succession plan is to each take over a special department where each individual excel on, so that we don’t create a rivalry but actual put our force together for the benefits of the company. The tensions has occurred when one brother will get the same “shares or salary” as the other one, while he has been in the company 5 years more than the other sibling. This was set up like this by my father to make everyone equal in the shares of the company and not advatange one over the other. During the negotiation of the succession plan this created also some friction between myself and brother which was very bizarre to experience, as it’s was the first time we experience this kind of friction as we grew up and a very united and close family.
One fact that my father was afraid of is Control vs. care. He was afraid that we would chose to control the business over caring for it. But thanks to his way of eduction we realised that caring for company is worth more than just wanting to control it.
Thank you @Mehdi Relevance: The post is relevant to the topic of family-owned businesses at this level, as it describes a personal experience and reflection in setting up a succession plan.
Originality: The post offers a personal perspective and describes a unique experience, providing original insight into the challenges of setting up a succession plan in a family-owned business.
Evidence-based: The post is based on personal experience and doesn't rely on external sources or data, which would be welcome for validating across experiences!
Clarity: The post is well-written and easy to understand, providing a clear description of the succession plan and the tensions that arose during its implementation.
Engagement: The post describes a personal experience that is likely to engage other members of the forum, encouraging discussion and fostering a sense of community.
Receptiveness: The post shows an openness to other perspectives, acknowledging that different individuals may have different approaches to succession planning and decision making within a family-owned business.
BUT some areas of concern in the post:
Lack of detail: While the post provides a general overview of the succession plan and the challenges faced, it does not provide much detail about specific solutions or outcomes.
Limited data: The post is based solely on personal experience and does not incorporate data or research to support the claims made.
Limited context: The post does not provide much context about the real estate sector, making it difficult to fully understand the implications of the succession plan.
Limited solutions: The post focuses on the challenges faced during the succession plan, but does not provide any concrete solutions or recommendations for overcoming these challenges.
Limited perspectives: The post only provides one perspective on the succession plan and does not incorporate the perspectives of other family members or external experts.
Limited engagement: While the post may engage some members of the forum, it does not actively encourage discussion or debate, and may not fully contribute to the exchange of ideas and perspectives within the community.