World’s largest family businesses (87%) have clearly identified where the responsibility for succession planning lie.
Take a look at succession planning and gender diversity policies of family businesses, for playing a bigger n more strategic part in firms.
Succession planning to be an ongoing process – adequately train and prepare your successors for both ownership and leadership succession – reasonable time period 3 years.
15% of business board of directors should have voting powers.
70% of those voting members should be engaged in the business. 25% of these voting members may not be engaged in day-to-day business activities (Independent directors).
Board of directors should meet formally face-to-face 6 times a year.
Unhealthy Conflict resolving – identify hidden issues, regularly talk with members on what’s going on in the business.
Another aspect of people management in which family businesses are shining in is gender diversity…