Do you no longer have time for your online company or have to give it up for other reasons? Problems with corporate succession are not uncommon. In this article we will tell you more about it and give tips on how to avoid these obstacles.
The biggest problems with corporate succession
Problems with corporate succession often have a variety of causes. Not least, this is often due to the fact that many entrepreneurs place high demands on their successors and these in turn often feel that they are not sufficiently respected. In order to unite both sides, it is worthwhile to take a closer look at the most common problems and the appropriate solutions.
The lack of willingness
It is not uncommon for successful company successions to fail due to the willingness of the entrepreneur. Sometimes they actually feel internally not at all ready to give up their business. They are then often in conflict with themselves, which in turn can have a negative effect on the relationship with their successor.
Possible solution: Entrepreneurs and successors should be in communication on this topic from the start. Perhaps both can agree on the possibility that the entrepreneur does not immediately give up all responsibility, but rather starts his business step by step. Another variant could be to hand over full responsibility to the next generation immediately, but to still be included as an adviser and a kind of stakeholder in the future. Both sides can benefit from an exchange of knowledge with different views.
The lack of trust
Experienced entrepreneurs also often feel irreplaceable. They cannot imagine that others can also lead the company successfully and they intervene time and again when making succession decisions.
Possible solution: A solution can only be found here if the entrepreneur trusts that not only he is capable of good company management. This also means that you have to let go of the succession transfer and give the offspring freedom. Just because someone may have different views than your own does not mean that they are wrong or less good.
Another cause of problems with corporate succession can also be a lack of agreements. If neither knows what he is about or how much he can expect from the other, this quickly leads to uncertainties and misunderstandings. This is especially the case with foreign successors.
Possible solution: Precise arrangements should be made here out of mutual interest. One idea would be, for example, to draw up a strategic plan of when how much responsibility will be transferred and who will take over which tasks at what time. In the case of foreign successors, this sometimes requires a prior phase to get to know each other in order to be able to build the necessary trust.
The family problem
The family problem is arguably one of the most stereotypical barriers to business transfer. Many parents would like their children to continue running their own business one day. However, the youngsters do not always have the same interests. But if children decide to join the family business, they feel overwhelmed. Being seen as the future boss from the start can quickly make juniors feel pressured.
Possible solution: Parents should accept when their children do not have the same passions, even if it may be difficult. No company can be run successfully if those responsible are not passionate about their business. On the other hand, families in which a generation change is planned need to communicate even more strongly. Together they should try to reduce the pressure and initially run the family business hand in hand.
The lack of a sense of individuality
Another big problem when looking for a successor is usually that entrepreneurs are looking for the perfect solution. Since every company can be different and situations can be completely opposite, the search for the ONE way is usually hopeless.
Possible solution: Best practice examples are good aids, but they are just examples. The solutions should be as individual as each business and its people are. This means that strategic plans must always be open to change and should never be set as a fixed plan.
Find corporate succession with Projektify
Are you looking for a company succession? But you don’t know anyone you’d like to entrust your web project to? No problem, we can help you. Projektify is a free platform for buying and selling web projects of all kinds. You can Simply post your project on our website and together we will find your suitable successor. Not only can you find someone who is just as passionate about your web project, but also Buyers have the chance to make great ideas of their own . In addition, we offer you further information on all topics on our blog Make money on the net . Just have a look around!
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