one of the major problems most family business have is the lack of preparation for managerial control to next generation. the fact is that one generation exceeds the other with biological inevitability. why is it important for family business to prepare a succession plan
Answer:
Succession plan- This plan analyzes the intellectual talent and leadership qualities and make the individuals ready for present and future business responsibilities. It really develops a well formulated and effective business plan for family. It makes a balance and smooth transition between retirees and successor.
Succession planning involves:
Importance of family succession plan- Some points are as following:
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