Training Programme in Succession Planning For Entrepreneurial Continuity

It is important to direct efforts towards strategic planning in a business so as to ensure that it thrives from step to step. Successful companies are distinctly characteristised by strategic planning which creates new insights for the entrepreneurs, thus critically impacting the pace of growth of companies.

Heads of firms must have the foresight to anticipate changes and crises, and must constantly plan to add new strategic dimensions to the organization. However, it is often seen in family owned businesses that a track of developmental directions laid by fore-fathers or the heads of the organization loses its pace and dynamism once taken over by the successors. Change in ownership can trigger massive upheavals.

It is, therefore, necessary to understand how change in ownership impacts the dynamics of an organization, as an understanding of this would facilitate inculcation of certain skills and competencies in successors to ensure smooth transition.

Thus in order to groom successors to take over the business of forefathers Entrepreneurship Development Institute of India (EDI), Ahmedabad, has been conducting ‘Training Programmes to Develop Successors of Family Businesses’.

Objective & Programme Contents

The objective of this programme is to strengthen a family business as it moves through the stages of ownership. This will be accomplished by imparting training to successors on competencies and expertise required for success in business. The programme content comprises 5 modules :

Module-1would provide insights into preparing a module for affecting change and getting the same accepted in the existing entrepreneurial environment, strategic challenges in family businesses, relevance of family business values and the mission statement.

Module-2 would cover family business policies, government regulations, sources of finance on regional, national and international levels and networking with financial institutions.

Module-3 would highlight the relevance of basic business strategies such as; marketing, advertising and organisational innovations for business growth.

Module-4 would relate to entrepreneurial and managerial competencies; intrapreneurship; change management and stages of successor development.

Module-5 would relate to skills and attitudes for leadership in successors, values and policies that build strong family businesses, and avoiding common pitfalls in communication.

Pedagogical Methods

A variety of teaching methods - case discussions, role plays, simulation exercises, lectures and discussions - would be used. Relevant and standard psychometric tests will be used to asSess participants' potential and develop their comprehensive personality profile.