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Best Advice on Succession Planning | Sameer Kamboj | Zee Business

Best Advice on Succession Planning | Sameer Kamboj | Zee Business


I’ve worked with family business owners for more than 20 years I’ve worked with thousands of enterprises. 85% to 90% of all enterprises are family businesses. So, family succession can be resolved pretty easily. Firstly, If there is mutual respect and appreciation between the parents, older generation and younger generation. In the present times, we don’t appreciate other people’s ideas and thoughts. We need to sit down and talk to each other. Secondly, Suppression doesn’t work with the younger generations. They need and should get the freedom of expression. Thirdly, We need to understand the aspirations of the younger generation, and that over the older generations, we need to find the intersection between them so as to make them work properly. The intersections at which these aspirations meet, it’s not necessary that the younger generations have the better ideas. or the older generation A succession plan cannot be made until the younger and older generation come together with their ideas. Ultimately, the younger generation aspires for their success. Fourthly and most importantly, The younger generation has to display hard work and commitment The older generation feels that maybe, the younger generation won’t be as committed and hardworking. So if the younger generation displays the commitment and hard work, it becomes easier for both generations to come together. Succession planning is ultimately the planning of success, not just the planning of a successor.

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