Textbook Notes (363,140)
Canada (158,217)
ENTR 3P98 (6)
Chapter 4

Chapter 4

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Brock University
Teresa Menzies

CHAPTER 4Succession Continuing Entrepreneurship and the Next GenerationA Profile of Successful SuccessorsThey know the business well ideally they like or even love the nature of the businessThey know themselves and their strengths and weaknesses having had the necessary outside experience and educationThey want to lead and serveThey are guided responsibly by the previous generation by advisors and by a board of outside directorsThey have good relationships and the ability to accommodate others especially if part of a successor teamThey can count on competent nonfamily managers in the top management team to complement their own skillsThey have controlling ownership or can lead through allies as if they didThey have earned respect of nonfamily employees suppliers customers and other family membersTheir skills and abilities fit the strategic needs of the businessThey respect the past and focus their energies on the future of the business and the familyNext Generation Succession As the decisions of whether or not nextgeneration family members should be involved in the family firms are being made it must be kept in mind that there needs to be a good fit between the abilities and interests of these family members with the needs of the business at its current stage of developmentIt cannot be assumed that the interests strengths and abilities of the next generation are identical to those of the current generation of leaders or that the attributes required to launch a business are the same as those required to grow or manage i
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