The Vision of Starting a Family-Run Business Essay

Previously, the unexpected loss of an experienced leader without a timely replacement was extremely effecting the department. And just as Fibuch & Way (2012) suggested, the best solution to reduce those challenges is to cross-trained qualified employees within the organization for leadership roles. It is important also for organization to recognize and view their existing skill sets in terms of their future operations. Consequently, succession planning should be an essential element of organization's strategic

Because leadership is a key force in determining an organization’s success or lack thereof, the Gordons should consider putting a succession plan in place as soon as possible and should start grooming the would-be successor(s).

I aim to advise the family in a way that honors God and allows them to set up this business in a way that honors God as well. The Bible instructs us all in Colossians 3:23-24 that “whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ” (ESV). The siblings must know that regardless of the business form they choose to operate by, they will be held accountable for this company and its activities. Even though their goal is to choose a business form with limited liability and lower their tax burdens, they will still be responsible to pay taxes and debts owed by the company. Proverbs 27:17 says “Iron sharpens iron, and one man sharpens another” (ESV). Alex, Bill, Carl, and Devon will be called upon to sharpen one another to display Christ to others through sound business practices.

The problem is Quilcene Fire Rescue does not have any type of succession plan in effect and is ill prepared to deal with the career chief exiting the organization on short notice. There is not a familiar rank structure with qualified individuals holding positions throughout the organization that are available to move up in the organization and occupy the fire chief position. The purpose of this applied research is to identify the mechanisms that would need to be put into place to institute an informal or formal succession plan for Quilcene Fire Rescue.

Every company succession plan carries the three bases that are will, trust and estate. The will, trust and estate provided a financial security and help plan the future. The purpose of the succession planning is it helps in organizing wealth that is transferred from one generation to the other. With assist from experts regarding disputes of lands that is in wills and estates helps manages and settling down any disputes.

Small family operations, like the Little Red Roaster make up the largest part of our country’s business base. The problem is that too many of them fail, not because of the lack of expertise or motivation, but because of poor business decisions. The LRR is a perfect example of a small operation taken over by a very capable and knowledgeable person, Kendra Gordon-Green. She is one of those hard working employees that have been given the opportunity to become an owner-operator of a small business operation. At this point Kendra has not made the transition from employee to owner. Sadly this very situation is the reason most small businesses like the LRR never make. With two locations

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.

Formal succession planning should be a systematic approach in preparing lower level employees to handle the responsibilities of the senior management in the forthcoming years. It helps to identify the capable employees who have the potential to fulfil these critical roles in the hierarchy.

Succession planning is a recognized area for improvement during research and the UPS survey project process. UPS must change the current approach to succession planning. Previously uncalculated promotions have taken place, due to the lack of adequate planning sessions. Succession planning must be a calculated and measured strategy. The current annual career development process is no longer adequate with MidSouth District. Sixty-five percent of UPS employees in the survey believe the current staffing strategy is inadequate. Moving away from an annual career development discussions to quarterly discussions improves the nimbleness of staffing challenges and planning. Without proper planning organizational staffing needs are not achieved, and the best-equipped candidates are not placed in leadership roles. Kim & Mauborgne (2014) paint a dire picture of acquiring adequate employees in the future due a scarce workforce populace. Furthermore, Kim & Maugorgne (2014) state fifty percent of the employees today are not currently engaged on the job. Furthermore, an unfair promotion process or lack of clear career development path

The percentage of stay at homes moms increased by 23 percent from 2008 to 2011, and by 2011 approximately 20 percent of the stay at home moms were part of the low income community. In the current economy, several of these stay at home moms seek to run at home business in order to supplement their household income, but even if they have a complete desire to succeed, they lack the needed education in order to run a successful business (Cohn & Caumont, 2014). According to (Greenstreet) there are several reasons why businesses fail and most of the reasons are due to the fact the business owners don’t have the essential business knowledge that is needed in order to run a business. Most of the knowledge that I needed is made up of simple business management principals which college students learn during their business management and MBA programs. However, most stay at home moms in low income areas don’t have a college education and cannot afford to send their kids to college much less go to college themselves (Dosomething.org).

Biblical entrepreneurship, as defined by Tsague in Biblical Principles for Starting & Operating a Business, is a Biblically based process of identifying opportunities, taking calculated risks, solving problems, and exercising business stewardship for profit (Tsague, 2006, pg.18). The text gives many principles that are crucial to doing business successfully from God’s perspective. The following twelve principles show how Biblical entrepreneurship relates to a Christian worldview. “God has given each of us talents in

Starting a business is the latest trend. Just take a look at Instagram. Several profiles have the caption ‘Entrepreneur’. At this very moment, there is someone, somewhere working on an idea, a business plan or launching a startup. Entrepreneurship is on the rise like never before. The flexibility and independence that comes with being one’s own boss is attractive and worth taking the leap in starting a business. However, most people don’t know that being an entrepreneur is a grueling journey that can be very lonely and stressful at times. According to the Small Business Administration (SBA), 50% of businesses fail during the first year. Starting a business can be a scary task, but the

There are many advantages and disadvantages when owning your own business. When you own you own business, it’s known as a sole proprietorship. But with any type of business, there will always be advantages and disadvantages.

Succession planning is an area within the City where HR is acting as a strategic partner. Currently, HR is looking at the overall needs of the City and how it will change in the next 5 to 10 due to retirement. HR identifies positions and staff and has made suggestions for training and development. Other positions are being re-evaluated to determine need and future requirements. Decisions such as consolidating roles into one position or splitting one position into two are determined by the suitability of existing candidates. HR evaluates the existing talent and provides strategies to develop it, such as mentoring. HR also has to convince the City to support the expense of cultivating staff rather than hiring staff with those skills already in place. The high costs of recruiting versus the costs of educating and training proven staff with leadership qualities have helped to build and communicate a strong

Starting a new business is an exciting venture and has its unique mix of challenges and rewards. Many are set-up for failure if no clear goals or measures are established and adhered. According to the Small Business Administration, “Planning is critical to successfully starting and building a business.” The best advice for a new entrepreneur interested in starting a business is to create a solid business plan that outlines the business in its entirety. A well-constructed, written business plan will help owners remain focused on their operations, marketing and financial measures through the duration of the business life. In addition, knowing the risks involved in starting a business can help prevent and minimize mistakes that cause many