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Hello, I am looking for someone to write an essay on Family Entrepreneurship Management:. It needs to be at least 1500 words.
However, it is vital to note that in the family business, at times other members that are not family members may gain shares in the business. The participation of the family members as the owners and managers of the firm has been instrumental in facing the dynamic challenges of the business. Since all families have their own distinctive issues, family members are better placed to run family businesses. Poza is also keen to indicate that family businesses come in various forms, and that the same range from 80-98 % in the entire globe (5). Additionally, family businesses are dissimilar in terms of the ownership and the major concern for the family relationships (Poza7). 2.0. The concept of Succession Planning As seen in the family business, succession planning involves a process of developing and spotting persons who have the capability to fit in the managerial position in the business (Fager &. Mckinney 19). Succession planning, in this case, has been helpful in ensuring that the employees that are competent and able have the best groundwork mentally to deal with the complexities of family business. The selected board in the succession planning, as Fager &. Mckinney indicate, become the key players and always available for consultations in the business (14). Succession planning, on the other hand, involves smooth progression of the talents present in the organization. thus, devision of a pool of people or groups that are helpful in the smooth transition of the leadership line and team. The family business is steered towards achievement and success for the case of succession planning. Fager &. Mckinney continue to say that success planning is a procedure in which an institution makes sure that the right employees are selected to take up specific roles in the company (18). Superior employees are selected based on their proficiency, and are able to develop their adroitness and abilities to handle the most challenging tasks in the family business (Fager &. Mckinney 19). It is, therefore, debatable that succession planning ensures that employees are able to function efficiently as well as fit in their novel jobs (Fager &. Mckinney 29).Succession planning is hence successful only if the persons with the right potential are recognized, a strong database is created to make the right enrollment decisions, and leaders are occupied in supporting high potential teams. Fager &. Mckinney conclude by emphasizing that succession planning has been instrumental in improving the retention of employees and meeting the expectations of the employees (58). 3. 0. The concept of Estate Planning As argued by Simon &. Caverly, estate planning refers to the collection of practices that involve preparation that involve the management of individual’s roles in the event of death or incapacitation (35). Estate planning ensures that the heirs of the deceased access the left assets as well as the taxes that pertain to the business are settled on time and with minimal conflicts and confrontations (Simon &. Caverly 36). It is, however, crucial to note that in the case of the family business, estate planning is done with the help of an attorney that is experienced in matters of estate law (Simon &. Caverly 36).
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