Succession Plans

This week I really enjoyed the assignment “You be the Consultant”. We read a case study about a man with a family business. He was in the process of trying to come up with a viable succession plan. He had three children, each with different ideas about how they would change the business if they were in charge. Our assignment was to give the man advice on how he should proceed. This assignment really made me think about what being the owner of a business entails, especially for a second-generation entrepreneur. As I thought through what I would do in his place, I also thought about the long-term employees at his shop. How would naming his successor impact them? Is there one that they like more than the others or one that they feel is more qualified? Ultimately the man should choose the one he deems the most capable to run the business, but it is important to consider what impact his decision will have on his current employees. What would I do? I know I would want to pass my business on to my children. But I would want to make sure that my business was in qualified hands for my self and for the security of my employees. You need good leadership and good employees to make a company successful and I wouldn’t want any of my good loyal people leaving because I made the wrong choice for my successor.

Regarding the $100 challenge, I have started working on my presentation for the class that is due next week. I’m glad we have the opportunity to share what we would do with the business if we had more time. I have learned so much and I believe I could be at least somewhat successful if I had more time to produce, market and sell my product.