Our family-owned chemical supply and marketing company based in Istanbul, Turkey, has a succession plan that includes the following sections. The first step is to identify potential leaders within the family who have the necessary skills, competence, and passion to move the company forward. This may require assessing family members' qualifications, competencies, and ambitions to take on leadership roles in the company and creating a timeline outlining when current family managers plan to step down and when their successors will take over. This timeline should ensure that successors are appropriately trained and developed to facilitate a smooth transition of leadership. By creating a comprehensive succession plan that includes these critical factors, Polivin Kimya will be able to effectively transfer leadership and ownership to the next generation of family members while maintaining the company's long-term performance. The article (Giarmarco, J. (2012). Three Levels of Family Business Succession Planning. Journal of Financial Service Professionals, March.) underlines that issues such as management, ownership, and tax transfer should be addressed in succession planning. Family businesses without effective preparation in these areas face the risk of incurring financial losses and perhaps losing the company completely during generational changes.
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Family Business Labs
"The Successor's Paradox"
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