• About
  • Terms & Condition
  • Privacy & Policy
  • Contact
Tuesday, March 28, 2023

Praveen Saanker

Family Office Business Advisor, Life Coach & Psychotherapist

No Result
View All Result
  • Home
  • About
  • Coaching
  • Counselling
  • Psychotherapy
  • Family Office Advisory
  • Family Business
  • Debt Recovery
  • Contact Us

Praveen Saanker

Family Office Business Advisor, Life Coach & Psychotherapist

No Result
View All Result
Home Family Office Advisory

Family Business Succession Planning

How to Plan the Smooth Transition of Power in a Family Business

Praveen Saanker by Praveen Saanker
11 August 2021
in Family Office Advisory
family business succession planning

family business succession planning

From ancient times, it has been the practice in India for the eldest son to take over the mantle. In the epics and Puranas, numerous instances of legacy getting priority over skills, talents and ethics have been described. However, these examples have continued over time and show a very accurate picture of the succession situation in India for family-run businesses. Family Business Succession Planning is a crucial aspect of all family-run businesses and the role of a family business advisor is monumental. Faulty transition plans lead to the destruction of dominant enterprises. Successional transition is crucial for a family business to survive. Hence, many factors affect succession. There are a few methods that can help make the development a natural process in Indian family businesses.


Family Business Succession Planning – Start Early


Foresight is always a promoting factor of success. Planning an early succession reduces the impact of the anticipation of unexpected questions. Firstly, it will give the family enough time to make reasonable decisions. Their opinions would be less biased and more accurate. It will allow all of the members involved in the family business of different generations to grow into their new roles slowly. Such a plan will also gain the trust and approval of the customers and their peers. They would watch the successors take on responsibilities and learn and have the assurance of their predecessors the whole time.


Encourage Inter-Generational Teamwork


Firstly, in most generational transition cases, familial rivalries often cause troubles. Therefore, it harms the business. So, it is essential to develop inter-generational teamwork with the family business concept. The older generation must become a coach or mentor to the succeeding generation. Family business leaders should put aside all grievances. They should resolve all tensions during this process so that when the succession finally happens, there are no emotional hindrances to the success of the enterprise.


Develop a Written Family Business Succession Planning


Writing the succession plan down is an excellent way of formally acknowledging it. The family legal advisors will make the plan clearer and also reduce any doubts or misunderstandings that may arise. This written plan should be comprehensive. Family business advisors should deal with everything starting from the skills and work experience required to how and when the decision of the succession will be made.


Involve the Family and Colleagues


Once the succession plan is drafted, Family business leaders, should appoint a group of chosen members to monitor the program and ensure its implementation. This group can consist of business colleagues, friends, and well-wishers of the family along with senior family members. Industry leaders whom the family trusts can also be part of this committee. It eliminates doubts and fears and provides invaluable sources of expertise.


Establishing a Training Process for Family Business Succession Planning


It is crucial to provide the upcoming generation with adequate training and skill management to ensure successful and satisfying careers with the guidance of an expert skill enhancement committee. This committee should be tasked with the responsibility of training and grooming.


Plan for Retirement


The owners need to prepare themselves mentally, emotionally and financially for a life that does not revolve around the business. The owners and founders can take up new roles and positions at the office as advisors. A family business advisor will help them to phase out of their influential role in the business slowly. This can also allow them to enter the new phase of their life healthily.


Make Retirement Timely and Unequivocal


Owners often have a problem accepting and dealing with retirement. It causes a multitude of problems. Owners need to step down from power when they are still fully capable. This way, they can oversee the working and management of their successor and guide them in an advisory capacity. They must remain in sync with their successors. It could be a difficult decision to make in the family business concept. Thus, it is advisable to seek professional advice from reputed family enterprise advisors and have open discussions about this and then make a proper wise decision. Many family business advisors are experts in retirement counselling and guidance.

 

Tags: Family business advisorFamily Business SuccessionFamily Business Succession Planning
Previous Post

What is Family Business Management? The Benefits

Next Post

International Relocation Services in India

Next Post
International Relocation Services in India

International Relocation Services in India

Categories

  • Coaching (12)
  • Counselling (28)
  • Debt Recovery (5)
  • Family Business Services (16)
  • Family Office Advisory (10)
  • Psychotherapy (41)
Short Term Bridge Loans

What is a bridge loan?

11 August 2021
business restructuring

What is Corporate Restructuring?

12 August 2021
strategy and management consulting

Boutique Consulting Firms: What Are They and What Do They Do?

12 August 2021
Wealth Planning: What Is the Importance of Wealth Planning in India?

Wealth Planning: What Is the Importance of Wealth Planning in India?

9 August 2021
Strategic Consulting Services

What do you mean by Strategic Consulting Services?

12 August 2021
debt syndication services

What is Debt Syndication?

12 August 2021
business valuation services

Business Valuation: Methods for Business Valuation

12 August 2021
capital raising services

What are Capital Raising Services?

12 August 2021
charity and philanthropy initiatives

Charity and Philanthropy

12 August 2021
administrative services

Administrative Services in India

12 August 2021

ABOUT US

Praveen Saanker – Family Office Investments Business Advisor

Family Office Business Advisor, Life coach & Psychotherapist

A Life Coach, Corporate Consultant, Psychotherapist and Family Office Advisor, Praveen has exemplary postgraduate qualifications including a professional doctorate In Psychology from the Prestigious “University of Canterbury”. Mr Praveen Saanker is an accomplished Clinical Hypnotherapist & Past Life Regression Specialist with commendable experience and exemplary Educational qualifications on the subject from the”National Guild of Hypnotist”, Merrimack, New Hampshire and the”California Hypnosis Institute of India”.

Latest Posts

What is Human Givens Therapy

What is Human Givens Therapy

24 January 2022
Brain Stimulation Therapy

Brain Stimulation Therapy

24 January 2022
Experiential Therapy

Experiential Therapy

24 January 2022
legal action or litigation debt collection service

Legal Action or Litigation for Debt Recovery

11 August 2021

Our Offices Locations

INDIA
AP 676. H Block, 15th Street, Annanagar,   Chennai, Tamilnadu, India. Mobile: +91 98400 14586

BLOG CATEGORIES

  • Coaching (12)
  • Counselling (28)
  • Debt Recovery (5)
  • Family Business Services (16)
  • Family Office Advisory (10)
  • Psychotherapy (41)
  • About
  • Terms & Condition
  • Privacy & Policy
  • Contact

© 2021 Praveen Saanker - Life Coach, Family Office Business Advisor

No Result
View All Result
  • Home
  • About
  • Coaching
  • Counselling
  • Psychotherapy
  • Family Office Advisory
  • Family Business
  • Debt Recovery
  • Contact Us

© 2021 Praveen Saanker - Life Coach, Family Office Business Advisor

WhatsApp +91 98400 14586 whatsapp