ETP3702 Assignment 5 Semester 2 2024 ;100 % TRUSTED workings, Expert Solved, Explanations and Solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)...........
Read the case study below and answer all the questions that follow.
Case study: ANAT, franchising m...
1.1 ANAT started off as a family business that has remained in the family for two
generations. What are the FIVE critical steps of a succession plan that ANAT has
to be aware of?
1. Identify Successors Early: It's crucial for ANAT to identify family members or
key employees who have the potential to take over the business in the future.
This early identification allows time for training and ensuring they understand the
business thoroughly.
2. Develop Clear Criteria and Training: The next step is to establish clear criteria
for what it takes to lead the business. Training programs should be put in place to
ensure successors are prepared for leadership. This might include training in
management, customer service, and operational skills specific to ANAT.
3. Build Strong Relationships Among Stakeholders: The family, existing
management, and the future leaders need to communicate openly. Having
everyone involved and feeling secure about the future direction helps prevent
conflicts and maintains a healthy business culture.
4. Plan Financially for the Transition: Succession often involves financial
considerations, like possible buyouts or inheritance tax. ANAT would need a solid
financial plan to make sure that the transition is as smooth and tax-efficient as
possible.
5. Establish a Timeline: Finally, a clear timeline helps everyone understand when
the handover will happen. It provides certainty, allowing both the current leaders
and future successors to prepare for their roles.
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