HR Management
Home
Complete archive of features and news articles, sample policies and procedures, assessments, and surveys.
Network and exchange ideas with other members in the forums or ask an expert in one of the hosted forums.
Access vendor directories, product case studies and showcases.
Read Best in Shows, view our conference calendar, read commentaries and take our news poll.
The Hot List
Blogs
Topic Channels
Comp, Benefits, Rewards
HR Management
Legal Insight
Recruiting and Staffing
Software and Technology
Training and Development
= Member Only
Workforce HR Jobs
Find A Job
Post A Job



Subscribe Now
Workforce Magazine
Subscriber Help
























= Member Only


Feature:

When Business Is All in the Family, Grooming a Successor, Training and Outside Experience Matter

  

Feature Contents
Top of Feature

1. Reaching Beyond the Family Sometimes a Wise Move
For Joanne and Scott Ulnick, the wife-and-husband team at the top of Troy, Michigan-based Ducker Worldwide, growing the business doesn't mean staffing the shop with family members.

2. Of 12 Siblings, Who Should Lead the Family Business?
Succession planning for a family business, never a simple task, can assume epic proportions when the second generation is 12 people-strong.

3. Best Practices for Preparing the Next Generation


4. TOOL: 10 Ways to Take the "Success" out of Succession Planning


5. TOOL: Example of Basic Succession Planning Chart


6. TOOL: Five Keys to Successful Succession Planning


7. TOOL: Replacement Planning Versus Succession Planning


8. Dear Workforce: How, And Why, Should We Consider Career/Succession Planning?



Similar Documents

Related Topics



Sponsored Tools

Receive a FREE Employee Retention Guide
Tips and tools focused on hiring and retaining top-performing employees.


Replace the Performance Review
Free Report on Performance PREviews. Improve performance through coaching.


Effectively Manage Your Employee Time
Software & hardware allow you to integrate time tracking & payroll. View a 5-min demonstration here.


Hire A Superstar
Predict the success of new hires before you hire them. Free Assessment Today.


Eliminate HR Management Headaches with TriNet
PEO solutions for a tough economy: request a free info kit! Serving the US and Canada since 1988.


Get Listed >>>

 



Best Practices for Preparing the Next Generation


Succession planning can be difficult when a family business is involved. Here are some best practices that can help.
Comments 0 | Recommend 0

}Encourage members of the younger generation to earn their stripes outside the family business. This can help build confidence in the younger generation—and in the workers the younger generation is expected to manage.

}Use an outside advisory board or board of directors made up of nonfamily members. The best boards include successful businesspeople or financial experts who can give impartial advice.

}Don’t underestimate the value of family members who aren’t active in the business in easing transitions or integrating younger family members into the business. Social engineering can be an important part of creating a functional family and business unit.

}Consider drafting a family charter. Setting ground rules during a calm spell can provide a touchstone when things get hectic. It also can help family and nonfamily employees feel they’ve been treated fairly.

}Consider nonfamily employees—ringing in the younger generation shouldn’t be done in a way that will alienate long-term senior employees.

Sources: Alan S. Schwartz, vice chairman of the board of directors and partner at Detroit-based Honigman Miller Schwartz and Cohn; and Phil Bahr, managing principal of Troy, Michigan-based CPA firm The Rehmann Group

Workforce Management Online, September 2008 -- Register Now!



Top of Feature | Features Archive

           
E-mail this document Printer-friendly version Write to the Editor Reprint Information

Reproductions and distribution of the above article are strictly prohibited. To order reprints and/or request permission to use the article in full or partial format, please contact our Reprint Sales Manager at (732) 723-0569.


Comments

Guidelines: Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. We will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. You are fully responsible for the content you post.








Copyright © 1995-2009 Crain Communications Inc.
All Rights Reserved. Terms of Use Privacy Statement