Part 1 Reflect

Evaluate the succession plans for a family business with which you are familiar. This can be a business in your own family, a family business at which you have been employed, or a well-known family business. Note: If you are looking for ideas, there are a number of longtime family businesses presented in the chapter. If needed, you can research one of these family businesses to complete your evaluation. To complete your succession plan evaluation, respond to the following prompts:

1) Describe the family business. As part of your description, identify how long it has been in existence, how many generations of family have been involved, and your connection (if any) to this business.

2) How does the business groom family members to move into the organization? Does the business encourage family members to work outside the family business? Does the business look outside the family to fill leadership positions?

3) Has this business been effective in its succession planning? Support your response.

Part 2 Apply

It is never too early to begin the succession planning process to help ensure the continuity of your grocery store business! Respond to the following questions for the small grocery store business:

4) For how many years do you plan to own your grocery store business?

5) How would you select a successor for your grocery store business? Would a successor have to come from within your family? Why or why not?

6) How would you prepare a successor to take over your grocery store business? What training and development would they require? How long would you expect this process to take?