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Essay / Research Paper Abstract
This 9 page paper is a literature review considering aspects of succession planning that need to be faced by large companies and small family businesses. The paper considers the lessons that can be learnt from former failures and how the planning should take place. The bibliography cites 6 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TEsuccplan.rtf
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Unformatted sample text from the term paper:
meaning that there are many emotions involved in the way the business is managed. Succession planning may be one of the hardest areas of planning. This is the passing of
the business onto the next generation of leaders, which may or may not be the family. There are many different aspects that need to be considered, all of which
may be difficult due to the inherent implication as the plan is the way in which the owner or entrepreneur is going to let go of a business that has
taken up so much time and his likely to have created an emtional attachment. The way this takes place is likely to be divergent as literature suggests there may
be similar consideration in any plan, but that no two plans will be the same (Hackman and Rex, 2005). There arte three main questions that need to be answered before
any succession planning can take place. These are; 1. Who will take over the ownership of the business when the current owner retires or dies (Hackman and Rex, 2005),
2. Who is best to manage the business (Hackman and Rex, 2005), 3. and at what point will the ownership and/or the management be transferred (Hackman and Rex, 2005).
If these considerations are undertaken prior to the events the result can be decreased levels of stress for alleviated as well as a more
carefully planned succession which will also help a more successful transition form old to new management and/or ownership. In addition to the efficiencies it can create it may also be
more practical in terms of tax planning and reducing the burdens that may otherwise be imposed on a succession (Hackman and Rex, 2005).
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