Succession planning is often a challenge and especially when family ties are involved. I was asked to join the Supervisory Board of Directors of a company to review the strategic options available to the owner and founder in terms of securing a bright future for the company he had founded years back – a company he was very interested in ensuring would have a bright future when he himself would retire
The special task bestowed upon me was to help the founder and owner evaluate the skills and competencies of a family member who was working within the business. If this relative was capable of taking over the management of the company, it was the preference of the owner and founder that the family member be given the opportunity to acquire the business as this would be a good solution towards employees as well as customers given that the relative already worked in the business
It was determined that the best option would be divest the company and to facilitate this decision, I helped the company device a new strategic plan and organize itself in such a way that the owner and founder would be able to sell the company at a later point in time. I also helped introduce potential buyers of the business before my mission to solve the succession planning task was resolved and I withdrew from the Board.