Kathmandu; After attaining certain level of success in any field, one wish to transfer such value in trusted hands. From the time of breaking a ground to sow seeds, nurturing for years, protecting branches in weather hazards and knitting hopes in each leaf every morning to the point when strong standing tree starts flowering and bearing fruits; a gardener gives his heart and soul for it. Complete devotion, hard work and dreams are nourished into the roots of such tree. It is not only about love and care but also about year’s long knowledge base and dynamic experience.
Be it politics or corporate sector, anyone wish to handover legacy down through the bloodline. In ancient age, monarchies used to train their heirs to be capable enough to hold the throne, and in similar way other national administrators, policy makers, defense personnel and other streams used to train their children from very young age. In business or service sector also, when someone be able to create some establishments in his field, he wish his next generations to enjoy its benefits for several future years. If we look at traits of business families in South Asia, they engaged their male family members into family occupation from early days. This helped them to understand business diagram and building comfortable relationships with concern parties. When the scope of business and services are widened exponentially in recent years, many people are creating their brand name in respective sectors. As they are concerned about changing dynamics of world economy, technological advancements and human civilizations, styles of grooming descendants are changed. Rather than aligning childhood games to supporting family work, they are sending them to better corner of world to explore education, advantageous professional exposures, luring innovation and extended professional networking.
Every success wish to be transferred seamlessly. However, time has its own demand and destiny has its own direction. Also not every branch of family tree can hold same level of knowledge, skills, passion, thirst of success and risk bearing appetite. Since this is very crucial need in many business sectors, let us discuss it in two way:
When the scope of business and services are widened exponentially in recent years, many people are creating their brand name in respective sectors.
If one is looking forward to reach to certain point of glory and desire to crown it to biological heir, shape of company shall be determined. When business decisions and control to be kept with family line only, then size and functions must be limited. One cannot expand its latitude if there is conventional mindset and trust issues. If there is clear vision to open doors for boundless commercial growth, ownership and management shall be split. Investors can step into management if they can take responsibility of risk and rewards of designed position. Nevertheless, there shall be clear corporate framework, policies and strategy to remain open for all possible opportunities as well as challenges. If Dream is to touch the sky, then mission must be premeditated accordingly. If zeal has reached saturation point at present scenario, then fragrance of accomplishment shall be restricted to the walls of cocoon.
Knowing nature of business and possibilities is important to prepare for succession. Assessing strength and limitations of own blood shall be checked thoroughly. Many Wh questions will come in the way like – Whether inheritors are interested or not to take it up? Whether they are capable or not for managing? What are their professional flaws? What areas they are thriving for? What level of decision-making are required in their challenges?
Deciding way forward will be calm if chemistry of own empire can be mapped with chemistry of heritors. In long run, organization structure shall be developed to run by system. Catalysts shall be tested and tried for desired acceleration. If one is looking for amplifying growth in their conglomerate, then system shall run the show. If it has to be in plates of kitchen cabinet only, then that delicacy will be washed away as soon as plates be outdated.
Even though no management theory be full proof for every scenario, succession plan is possible with competencies mapping, gaps analysis, goal setting and leadership management. Interest in respective vertical and Education are primary factors to take care of legacy in long term. Looking into success story of Chaudhary Group, Vishal Group Nepal and Nepal Dairy, second generation has amplified their patient capital. Staying current and competent are best antidote to manage precarious positions.