{"id":887,"date":"2018-06-01T14:35:00","date_gmt":"2018-06-01T09:05:00","guid":{"rendered":"https:\/\/www.luciensandbox2.com\/soch\/?p=887"},"modified":"2024-06-03T18:29:06","modified_gmt":"2024-06-03T12:59:06","slug":"the-reality-behind-why-the-43","status":"publish","type":"post","link":"https:\/\/www.luciensandbox2.com\/soch\/the-reality-behind-why-the-43\/","title":{"rendered":"The reality behind why the 43%"},"content":{"rendered":"

The reality behind why the 43%<\/h3>\n\n

Growing a family business in today\u2019s changing socio-economic environment is really challenging, even baffling to certain extent. Is it not almost a clich\u00e9 to say that handing over the business from one generation to the other is another challenge altogether? Unfortunately, it can turn out to be a source of conflict in some situations.<\/p>\n\n

The fact that 43% of family businesses do not have their succession plan in place made us question ourselves to understand the why 43%.<\/p>\n\n

We wonder why despite family businesses having a son (or daughters in case of some businesses) to take their business forward, missed on being prepared in time for the transition and mainly the way of transition.<\/p>\n\n

Where do they miss? Why?<\/p>\n\n

\"\"<\/figure>\n\n

In our findings, at large, the where and the why does<\/em><\/strong> not<\/strong><\/em> fall under the<\/p>\n\n

  • lack of knowledge, or<\/li>
  • the lack of wisdom, or<\/li>
  • lack of love, or<\/li>
  • lack of support, or<\/li>
  • lack of readiness, or<\/li>
  • even sometimes lack of awareness.<\/li><\/ul>\n\n

    But, ironically, it falls under the \u2018misplaced concept of succession plan with will creation\u2019<\/p>\n\n

    To help understand succession planning better, we share with you a glimpse of what succession planning is and what it is not<\/p>\n\n

    • It is really about<\/strong> what it takes to keep and grow the business<\/li>
    • It is about<\/strong> what role <\/strong>one shoul take for the keeping and growing the business<\/li>
    • It is about<\/strong> the responsibility and accountability that comes with the role<\/li>
    • It is about<\/strong> what the person should get to fulfil the role<\/li>
    • Not<\/strong> the will<\/li>
    • Not<\/strong> about who gets what<\/li>
    • Not<\/strong> about the property\/asset distribution<\/li>
    • Not<\/strong> about treasury distribution<\/li>
    • Not<\/strong> about who gets which business<\/li><\/ul><\/div><\/div>

      <\/p>","protected":false},"excerpt":{"rendered":"

      The reality behind why the 43% Growing a family business in today\u2019s changing socio-economic environment is really challenging, even baffling to certain extent. Is it not almost a clich\u00e9 to say that handing over the business from one generation to the other is another challenge altogether? Unfortunately, it can turn out to be a source<\/p>\n","protected":false},"author":16,"featured_media":1313,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"insight_type":[27],"class_list":["post-887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-and-organisation","insight_type-articles"],"_links":{"self":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/posts\/887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/comments?post=887"}],"version-history":[{"count":7,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/posts\/887\/revisions"}],"predecessor-version":[{"id":1422,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/posts\/887\/revisions\/1422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/media\/1313"}],"wp:attachment":[{"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/media?parent=887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/categories?post=887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/tags?post=887"},{"taxonomy":"insight_type","embeddable":true,"href":"https:\/\/www.luciensandbox2.com\/soch\/wp-json\/wp\/v2\/insight_type?post=887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}