Does your family business have a succession plan? What is it? If not why not? What tensions & dynamics does this create?
My family business has no succession plan as the end goal would be to be bought out by a larger pharmaceutical company. There is also tension in the family as i have expressed no interest in taking over the business as it is not something i am passionate about. This has created even more tension as my goal is to use the money from the takeover to start something that i am interested in rather than continue the pharmaceutical route.
My personal solution to dealing with this problem was to completely refuse to take part in the current business. I find that if you are not doing something you enjoy then you might as well not do it. I am waiting for the business to sell and will use that income to create a business that i am truly passionate about.
I found this article very helpful and think it is an interesting read.
https://www.bbc.com/worklife/article/20200204-how-to-leave-a-family-business
Who are you @s19000135? Please edit your account profile so you are recognised for your contribution to the community! You are very descriptive, and offer a personal experience and situation regarding succession planning in a family business.you vaguely touch on the tension that can arise in family businesses when there are different goals and aspirations among family members.
However, you are myopic in that you only present one individual's opinion on the issue, without exploring other potential perspectives or considering alternative solutions to the problem.
In terms of analytical and synthesis, you don't offer much in the way of analysis or synthesis of the situation presented.
In terms of value adding, the post offers a case study of limited learning experience for others , especially for those who may be experiencing similar challenges in their own family businesses. It highlights the importance of communication and planning in family businesses and the potential consequences of not having a clear succession plan in place- minimally. You do not offer any specific advice or recommendations for how to address the situation presented.
You use real examples of limited value, no evidence, or credible published, peer-reviewed citations. Nevertheless, the post could benefit from including specific examples or data to illustrate the challenges of succession planning in family businesses and the potential benefits of having a clear plan in place.