#familybusinesses

[greensll]

Where do you get your fresh fish from?

In Poole there is a family run business that spans back four generations. They are the original wholesale fish merchants of Poole. The location they are based in has been there since 1982. A small piece of land now based on the peninsular of Hamworthy near to the Ferry terminal. The Fish merchants is called Franks Greenslade Ltd. It’s old fashioned but cheaper then other fish supplier in Poole…

[excellence-12]

Succession planning in Family Businesses

Succession planning is the process to identify and develop future leaders in an organization, and moving the identified persons to positions of leadership, once the need arises. Succession planning ensures that a business continues to run smoothly, and without any disruption.

Stated differently, succession planning is the process of developing and training persons to replace key employees when they transition to another role, leave the company, are fired, retire or pass on. It is often a contingency plan, and a continuous process, which should be revisited and updated regularly. It is relevant to, and important for, all kinds of organizations, whether they are public companies, private companies or family businesses.

Family businesses play a crucial role to the economy of any country. Like in the case of any company, it is important for family businesses to also ensure a smooth transition of leadership from one generation to the next. This could sometimes pose unique challenges for the business.

Increasingly, family businesses, whether run by family members or professionals, have realized the need for a long-term succession plan. One of the chief reasons for this is that with the next generation being a part of the business, the older generation would not want a family feud, which would result in value destruction. It is often seen that a number of family businesses have an informal succession plan in place. However, only some of them have documented the plan, and effectively taken steps for its implementation.

Some of the advantages of succession planning in family businesses are:

Protection from uncertainty: Business continuity and stability is ensured by identifying potential successors in advance. Disruptions, that may occur during transitions, can be thus avoided. This also enhances the reputation of the company with stakeholders.

Preserving family values and legacy: Most family businesses have a unique set of values and traditions that they would like to preserve. Succession planning plays a crucial role in ensuring the transfer of these values and traditions from one generation to another.

Smooth transition of ownership: Succession planning allows orderly transfer of ownership and assets from one generation to the next. This helps to also address potential issues related to inheritance. By proactively managing the transfer of wealth, the family can ensure the long-term financial stability of both the business as well as the family members involved.

Building stakeholder confidence: The presence of an effective succession plan ensures the long-term viability of the business and instills confidence in various stakeholders, including employees, customers, suppliers, and investors. It demonstrates that the business has a clear vision of the future and a plan in place to ensure a seamless transition of leadership.

Although succession planning comes with many benefits, there are certain challenges that could arise. Some of these are unique to family businesses.

Managing family dynamics: Family businesses generally involve many complex and emotional dynamics. It is difficult to balance family relationships with business decisions. Many times, personal feelings and family dynamics can influence the selection of successors. Sibling rivalries, and conflicts can complicate the succession process.

Resisting bias: It could be a challenge to choose the right successor based on competence and qualifications. Family businesses should ensure that the chosen successor has the necessary skills, knowledge, and experience to lead the business successfully. The law of primogeniture is often a roadblock.

Absence of a succession plan: Many family businesses do not have a formal succession plan. This can lead to significant challenges during the time of transition. Without a clear plan in place, the sudden vacancy, caused by the sudden exit of the current leader, can create chaos and uncertainty within the organization.

Resistance to change: Succession planning involves introducing change which comes with transitioning from one generation to the next. Resistance to change from the incumbents, can hamper the succession process and prevent the adoption of new ideas and strategies.

Diminishing interest of younger generations: The younger generation may have different career aspirations and goals as compared to their predecessors. They may be attracted to diverse opportunities in other industries or professions, seeking new experiences, challenges, and the chance to make their mark independently, outside the family.

Succession planning holds immense importance in family businesses and serves as a strategic tool that ensures continuity in the business. A number of business families have started writing family charters, with defined roles for each member of the family. Such written documents, finalised through a consultative process, have served such families well. A well-executed succession plan put in place ensures that the family businesses can confidently navigate the future and uphold their legacy and traditions.

Sources: https://excellenceenablers.com/succession-planning-in-family-businesses/

[lghumphriessons]

Large Victorian 9ct Yellow Gold Amethyst (55ct and 12ct) Brooch $3,895-

[jamesthecomiccreator]

"The Restless Assault"

"Speed and skill matters, so why settle for one way when you can master both? Whether you need some more length or capacity to take down your target, we'll get you covered with our excellent menu of ranged perfection and suppression!" - Silas Silver

"Eniko": A 30-round, pistol-caliber carbine designed and considered as an upgrade to the Generic Armaments, "Compact Stoner", also known as the FPS (Fusil Portátil Stoner) Model PRM used by the Biotech Cooperations before and during the infamous 2010 Fusion Virus Outbreak; nowadays, the business, as well as the other G.O.Is in Arkingham started adopting this as their subweapon.

Ideal for personal defense in a combat team, or as a primary weapon as part of a mobile task force, this firearm is both highly customizable and highly reliable, allowing operators to easily clean out threats with ease, and precision!

"Thanatos": A 30/100-round, assault carbine rifle made from the blood of patriots and tyrants, this overly aggressive carbine comes with an extremely fast fire rate in a portable package; with an impressive 900 to 1200 RPM, you are not left begging for a bullet hose, because you are the bullet hose.

However, if this is a bit much, users can readjust the rounds per minute to a controllable 600-800 RPM, as well as customize their weapon to better suit their needs such as laser modules, foregrips, full-stocks, customized sights, and much more!

[kellynicole515]

The vibes unfortunately 😭

[handcraftedloghomes]

It's #ThrowbackThursday!

A Father & Son shot from 2015 of Markus and Stephen!

They're logsmiths, working on the saws and the scribers every day, doing what they love creating beautiful, Handcrafted Log Homes.

[therealnostalgialover808]

𝓡𝓮𝓪𝓬𝓱 𝔀𝓲𝓽𝓱 𝓶𝓮, 𝓼𝓮𝓮 𝓽𝓱𝓮 𝓼𝓴𝔂. 𝓘'𝓵𝓵 𝓪𝓵𝔀𝓪𝔂𝓼 𝓫𝓮 𝓱𝓮𝓻𝓮 𝓯𝓸𝓻 𝓽𝓱𝓮 𝓻𝓮𝓼𝓽 𝓸𝓯 𝔂𝓸𝓾𝓻 𝓵𝓲𝓯𝓮. 𝓢𝓲𝓭𝓮 𝓫𝔂 𝓼𝓲𝓭𝓮, 𝓱𝓪𝓷𝓭 𝓲𝓷 𝓱𝓪𝓷𝓭 𝓦𝓮 𝓼𝓹𝓮𝓪𝓴 𝓪 𝓵𝓪𝓷𝓰𝓾𝓪𝓰𝓮 𝓷𝓸 𝓸𝓷𝓮 𝓮𝓵𝓼𝓮 𝓬𝓪𝓷 𝓾𝓷𝓭𝓮𝓻𝓼𝓽𝓪𝓷𝓭. 𝓗𝓮𝓪𝓻 𝓽𝓱𝓸𝓼𝓮 𝓬𝓱𝓮𝓮𝓻𝓼, 𝓼𝓽𝓻𝓲𝓴𝓮 𝓾𝓹 𝓽𝓱𝓮 𝓫𝓪𝓷𝓭.  𝓦𝓮 𝓴𝓷𝓸𝔀 𝓽𝓱𝓪𝓽 𝓭𝓲𝓿𝓲𝓭𝓮𝓭 𝔀𝓮'𝓵𝓵 𝓯𝓪𝓵𝓵 𝓢𝓸 𝓽𝓸𝓰𝓮𝓽𝓱𝓮𝓻 𝔀𝓮 𝓼𝓽𝓪𝓷𝓭.

I'm so sorry for my absense here. Anyway, here's something to celebrate this year's holiday. I couldn't help after listening to that really great song from The Boss Baby: Family Business (don't worry. I guarantee there's no brainwashing in this piece). I don't know if anyone else could see @brandontheoutcast's Erma like this, but I sure can. Enjoy, and Happy Holidays! I don't own the rights to this character. 

[letterseals-blog]

Immerse yourself in the cozy ambiance of the season with a palette inspired by the chilly wonders of winter – think frosty blues, shimmering white and silver.

Deck out your holiday cards, festive invitations, and winter decorations with enchanting stamps showcasing seasonal delights such as snowflakes, trees, sleigh bells, and Hanukkah symbols.

Show the spirit of celebration with our specially curated wax collection for your winter holidays.

Select any tools for melting your wax to round out your set.

[flamewillowspn]

This.

[alohalanijewelry]

72.95 Tcw. Multi Gemstone Tennis Bracelet - $415 - FREE SHIPPING

[grangeatoborne]

Chocolate or cheesecake? These are some the tough decisions you’ll be faced with if you fancy a pudding after dinner. #restaurant #hotel #boutiquehotel #familybusiness #pudding #chocolate #cheesecake #oborne #sherborne #dorset #thegrangeatoborne (at The Grange at Oborne) https://www.instagram.com/p/CqTQz5GIDDw/?igshid=NGJjMDIxMWI=

[ellenhenryart]

Sold, thank you!

Find this design here 👉

https://www.teepublic.com/t-shirt/37599646-nepo-baby-funny-typography

[lghumphriessons]

Stunning Large 6.80ct Tanzanite $9,950- what could you get us to make?

[kellynicole515]

SHOP UPDATE IS LIVE!!! This has been such an exciting process and change at Oops, here's a peak at all our new products (don't worry, some classics are there to!) Check out all our items at https://oopsbykellynicole.com/

[chrisjjscit]

Why Leadership and Training Are a Must for Every Filipino Business 🚀💡

Running a business in the Philippines isn’t just about managing daily tasks—it’s about leading with purpose. But let’s be real, leadership isn’t always easy. Whether you’re running a family business or building your own venture from scratch, the right skills make all the difference! 💪

For family businesses, leadership transitions can be tricky, especially when successors aren’t prepared. And for independent entrepreneurs, leadership isn’t inherited—it’s developed. That’s why investing in leadership and training is the best move you can make. 🎯

Strong leadership means stronger businesses. Ready to build the skills that set great leaders apart? Find out how leadership training can shape your success! 🔥

[gatewaysglobal]

Strengthen Your Legacy with Family Business Management Solutions

Gateways Global offers expert Family Business Management solutions to help multi-generational businesses thrive. From succession planning to governance and leadership development, we provide strategies to ensure long-term success. Secure your family business legacy today!