A Research On Succession Planning

Basically, Bob did well in establishing advisory board, including CEO, COO, and financial expertise and Marketing expertise, who have the family-owned background or service industry background. Also, there was one female member who would be able to help the company better understand the female customers or help the female family member to involve in the family business. With the development of company, Bob added new members to the board according to the business needs. This is another good point.

In unit 7 Discussion, we are asked to discuss the relevance of succession planning for any healthcare organization. Consider a selected healthcare organization and propose any specific challenges associated with that type of organization (funding, training, education, staffing, et cetera). Include the titles or departments that might be engaged to implement and monitor an innovative program or service.

Lesley Gillespie, the cofounder of Australia’s most successful bakery, Baker’s Delight, has shown many, if not all, of the traits required to be a successful entrepreneur, and is now on the BRW Rich Women 2015 list. In an equal partnership with husband Roger, her position as joint chief executive puts her on the list of a minority of business owned by women, especially in the 1980’s when Bakers Delight was opened. Though she has said that she has not faced many barriers to being a woman in business, apart from a few instances, a woman would likely not have made it to be so successful without focus, thinking of those around her, passion, self motivation and without being a hard worker, all of which are traits required to be an entrepreneur.

The purpose of this essay is to critically discuss 2 debate topics using both opposing sides, for and against, in order to create an academic argument for each topic. Debate 1 will argue the points of “Starting a small business is too risky or can anyone do it?” will be supported with references of journals and articles. Debate 2 will analyse the for and against argument for the topic of “To fail to plan is to plan to fail: you must plan” where academic articles will be used to back up each point made to for each side of the debate. Business has been a foundation in society for centuries but only within the past 10 years has the UK government promoted SME’s (small and medium enterprises) and encouraged the public to invest in creating a business with incentive grants and education programmes such as Business gateway and the hatchery.

The aim of the writer of this paper will be to summarize this week reading of Jerry Pipes and Victor Lee, Family to Family: Leaving a Lasting Legacy. A discussion that he hopes to includes; an abstract, alone with a concrete response of a story about a significant event of his life, with a reflection of the Family to Family, conclude with three action steps that will describe what actions/changes need to be made as a result of reading this book.

Bob’s rationale behind establishing an advisory board, and his approach for selecting its members, has thus far been successful and valuable for him and the company. He correctly recognized the importance of “the big picture,” as he chose people whose backgrounds covered a wide range of industries and skills and who could therefore fill in any gaps. Furthermore, Bob’s choices were all successful business professionals, so he could therefore be relatively sure that they would be effective in handling any future challenges and recognizing future opportunities. Bob was also cognizant that the business and the family needed unbiased consultants in order to offer advice regarding family employment, and establishing the advisory board presented an outlet in which family members could privately discuss any issues on their mind. Lastly, he established an objective for the board, in that the board would only focus on the “big picture,” which meant that they didn’t get caught in the daily details or argue over the day-to-day routine.

The immediate issue is to make a decision on the future of the family company.

In the article, Market Basket Shows the Best and Worst of Family Business by writer of the Harvard Business Review, John A.

Given men are traditionally able to succeed at business, when a father is thinking about what to do with his own business his immediate thought for a son to take over. Mara Hvistendahl asks in her book Unnatural Selection, “what good is material wealth if you don’t have a son to inherit it?” (2011:20) If a business grew from a startup to a success, owners, who are predominately men, want to keep the success in the family. The fathers of the world begin to train their sons from a young age to follow in their footsteps. Whether those footsteps be the CEO of a fortune 500 corporation, or a family owned auto shop; sons are groomed to inherit the name that their father has made for himself. Rarely are daughters trained to take over control of their father’s business. They are groomed by the mother to be able to tend to their husband. The world is set up to have men as leaders and women as followers. Women being labeled as second place is one of the causes of so many missing women. Their lack of importance leads to a lack of motivation by parents to spend time and money raising a girl.

According to Baridam (2001), it is not enough to review literature without presenting the studies by topic and determining how each of these topics relates to the researcher’s own study. A systematic presentation of the literature forms the foundation of the study.

Three sisters, Kathy, Linda and Valerie Montgomery started out with what looks like a hobby, without knowing it would develop into a legitimate business of today. These three sisters had adopted an unconventional approach to the growth of their business start-up, by buying materials at a bargained price and producing them into shirts. This approach produced enough revenue growth (on a small scale) but depended largely on loans to finance their business; but with the increase in the firm’s employee and bad economy, they were faced with series of financial problems which resulted into changing their approach to business, by re-organizing the method being used to carry out the business. The company was

Companies should also identify early on the talented individuals who can be developed for advancement.

Those days have since past. As women are achieving higher levels of education and are being employed in more prominent positions, their leadership roles in family organizations have increased. Many young women are refusing to accept the rule of "primogeniture" (Nelton, 1999). Primogeniture is defined as a birthright or an inheritance. Although women are making great strides in this arena, there is still the feeling out there that the son should be considered first and the daughter as a second option, only if there is no son or if the son declines the offer. But, Nelton says that, "young women by and large feel that if they want to go into the family business, the opportunity is there." In each of the cases described by Nelton, the fathers encouraged their daughters to become involved in the family business. As well, each father let his daughter run the show once she was named CEO-the surest sign of support (Nelton, 1999). In more and more families and in business in general, gender is becoming not an issue. As roles increasingly change on the home front, the business world will soon mirror the changes taking place in the family structure. Nelton also urges women in leadership roles to not lose sight of the bottom line. She says it is "easy for women to get caught up in the management of people" (Nelton, 1999). She goes on to say that if you cannot prove that you are also profit-driven, you will never make it to the successor level.

The first reason family is related to success is because family can push one to do things one might not always do willingly. For example, in Amy Chua’s Why Chinese Mothers Are Superior, Chua shares some of her experiences raising her two daughters to be successful, professional adults. One idea Chua lives by is as follows, “...nothing is fun until you’re good at it. To get good at anything you have to work, and children on their own never want to work, which is why it is crucial to override their preferences.” What Chua is saying here is that if a child is allowed to have his own way, he would never work towards anything remotely hard. This is why family must be there to help him succeed. Another example of family fostering success in people is in Mark Mathabane’s autobiography, Kaffir Boy. Johannes (now named Mark) was one of few black children lucky enough to be able to go to school in Apartheid South

This case details the position of Carol Sullivan-Diaz, the 28-year-old daughter of Walter Sullivan who died at the age of 56. Walter had bought a Ford dealership in 1983 that eventually grew into what is now Sullivan Ford Auto World. The business sells cars but also services them. Carol is disappointed by current turnover in car sales and sees that the service revenues are below average for this size of dealership. Carol’s now has to decide what way to tackle the future. She can sell the business but will probably only return a value below what it might be worth if profitable or she can look at the operation and see if she can turn it around herself. While she has a bachelor’s degree in economics, an MBA degree and a