가업 승계 경영 해외 전문가초청 세미나 개최 검토
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관심있으신 교육기관이나 기업에서는 연락주시기 바랍니다.
THERE IS NO SUCCESS WITHOUT SUCCESSION
THE BEST TIME TO START A SUCCESSION PLAN
WAS TEN YEARS AGO.
THE NEXT BEST TIME IS TODAY!
A WORKSHOP FOR FAMILY OWNED BUSINESS (FOB) IN SOUTH KOREA
SYNOPSIS
The Issue
For many Family Owned Businesses ("FOBs"), succession by the next generationis the ultimate aim, and the ultimate challenge. A smooth passage or succession is the result of careful planning, and preparation that takes decades. The process of succession in a FOB is one of the most misunderstood subjects in business. Most parents think that it is a foregone conclusion that their children will follow in their footsteps and take over their business. After all, they rationalize; the children will find an "already set table." Their idea is that when the time comes, they (usually the father), will teach their children, and slowly, slowly, the children will take over the enterprise.
Unfortunately, things very seldom work out this "obvious" way! In general, children do not want to follow in the footstepsof their parents when choosing their professions. They have their own dreams for their futures. Also, in the infrequent cases where children do in fact "enter the business,"the process of passage or the succession is not automatic, easy, or smooth. Parents do not automatically become good teachers; their children do not automatically become good students. Finally, the most important obstacle to a successful succession is the sad fact that most, if not all, family businesses are not organized for a transition from the Stage of Creation to the Stage of Growth. Most of them remain stuck in the "one-man" Stage of Creation mode.
As with everything else in life, succession requires hard work. So parents, as well as their children, need some "schooling." The system we call Mentoring the Young to Take On and Coaching the Old to Move On is the surest way to successful succession.
In this workshop we will explore the complex world of family business: their economic importance for a country, their advantages and disadvantages and their unique problems. The central theme of the workshop is the Issue of Succession in Family Owned Business.
The Approach
In the first day a combination of (1) lectures (2) discussions (3) diagnostics will be used to familiarize the participants with the literature relevant to the nature of Family Owned Business and their main issues and approaches for resolution of these issues. The session will explore the uniqueness of a Family Owned Business [FOB] regarding the advantages, disadvantages, problems and opportunities facing the present and future leaders. In the second day a case study will be used to give participants an opportunity to use the knowledge they gained in the first day to deal with the issues of succession underline the case. The case analysis will begin with a rigorous analysis of the company’s financial performance over the last five years.
The Schedule
First Day
8:30-10:30 The World of Family Owned Businesses [FOBs]
The Nature of Family Owned Business
The Economic Importance of FOBs
Advantagesof FOBs
Disadvantages of FOBs
10:30-10:45 Refreshment Break
10:45-12:30 The Life Circle of the FOB
The Life Circle of the FOB and the FOB Leader
The Life Circle of the Business
The Life Circle of the Leader Business
Phases of Development of the FOB and the roles of the Founder
12:30-14:00 Lunch
14:00-15:30 The Process of Passage or Succession
The Two Dimensions of the Succession Process
Dimension One: Create the Modern Organization
The Founder’s Vision
Creating a Sense of Urgency
The Strategic Alignment Process
Dimension Two: The Succession Plan
I. The Process of Mentoring the Young Person or Successor
II. The Process of Coaching the Elder
III. The Process of Succession: Pass on your Values Not only your Property.
15:30-15:45 Refreshment Break
15:45-17:00 A Plan of Action for Helping the Young to take On and the Leader to Move on
MANAGE YOUR LIFE, CAREER AND YOUR BUSINESS
The Organization’s Preparedness
The Leader’s Preparedness
Successor’s Preparedness
17:00-17:30 Case assignment and clarification of the process of case work.
[The group will be broken down into 3-5 member teams. Each team will work on the case the entire morning. Teams will present their approach to solving the Succession Issue embedded in the case. The group will vote on the BEST approach. ]
Second Day
Case: Global Food Providers, Inc.: Passing the Torch in a Family Owned Business
[For the Financials use the Excel file: CASEGFP.XLS]
Archie Ben Chung, popularly known as ABC, entered the business world working in his father’s grocery store in a small town south of Chicago. As a child he always worked at the store after school hours and the weekends. During the high school and college years he managed to find a balance between school, sports, work at the store and helping to raise the family. As the first born male he always assumed the role of the leader. His parents expected him to take care of his siblings,two sisters Anne and Mary and the younger brother Teddy.By the time he entered college his father had already turned the modest neighborhood grocery store into a mid size super market chain that had five stores in the city. Upon graduation from the business school ABC started work with small consulting company that specialized in Marketing in the food retail business. As the consulting company grew so did ABC’s role in it. One day while doing a consulting job with one of the largest global super market chains he was offered a job. ABC thirsting for more experience took the job.
Few years after he took the job with the large company during a Thanksgiving dinner ABC confined to his father that the company has asked him to take a job in the Far East. His boss told him that his superior job performance at home must be supplemented by some overseas experience. ABC discussed the offer with his wife who has recently given birth to his second child a healthy boy. His wife was delighted that his little sixyears old daughter will have a young brother to "teach" him the "colors and the numbers" as she put it. ABC’s wife wasn’t excited about leaving the comfortable life in her native city to go to a strange culture. ABC related his dilemma to his father. His father who was known for his quick decision making said "Oh well son I’ve got the solution. Why don’t you join your siblings and come to work for the company? We are doing very well and the prospects for growth are great. The city is growing. The country is growing. I’ve calculated that in five years we can be as big as we want to be. You, with your knowledge and experience,could make my vision come true!"
Moving fast forward a few years from the time ABC joined the company his father Lou has transformed it into a truly global company with the name Global Food Providers, Inc. (GFP, Inc.) The company has now some 90 stores in the NAFTA area employing some 9,000 people. Its finances are good with a healthy cash position. On a hot summer day in June 2009, Lou Chung, Chairman of Global Food Providers, gathered his family in the company headquarters in the suburb of Chicago for a special meeting. As Lou’s wife Cathy and children listened to his presentation in the air conditioned conference room overlooking Chicago’s magnificent lake, the children had a peculiar experience. It was the first time they were getting a comprehensive overview of "dad's company." The company that Lou built from scratch in the 1970s had grown into a major force in the global food and beverages industry. Lou in his mid-sixties had begun to think seriously about succession. He felt that thought he was still in excellent health the time has come to pass on the baton. This message came clear to him while attending a Chamber of Commerce luncheon where the speaker talked about succession.
"I know that all of you worked very hard to build your companies and I am sure you feel very proud of your accomplishments," the speaker said as he was reaching the end of his talk. "A quick perusal of the bios in the list of participating companies that your chairman sent me a week ago convinced me that most of you have reached the time in your life that you must be thinking of the ‘unthinkable.’ I must confess that I don’t really like to think about it either, but let’s face it we all will die one day. You must realize that the treasured achievement of your life would inevitably see the day when you the founder will no longer be there to oversee its operations and development. If I were to leave you with one message it is this: ‘If you haven’t already done it please start work on a succession plan.’ That will be the best gift to your offspring and frankly to you as well."
The children had only limited experience in the group by the mid-2000s, mainly in various regional middle management positions. Louwas proud of his children but was uncertain whether either of them had the competence, stamina or interest to take over such a diversified global conglomerate. After all he has been the sole decision maker all these years. He felt that he was a great creator. He enjoyed dreaming, planning, executing and evaluating his accomplishments thus far. However he suspected that he hadn’t done much to "indoctrinate" his children to the "art and science" as he put it "of creating and running a family business." Lou also worried about the possibility that his children might turn against each other, disputing who should run the group or how it should be run after his passing. In the middle of these thoughts Lou suddenly remembered that a few days ago he received a flier announcing a seminar on family business succession offered by the local university. He picked up the phone and asked to sign up. The person who answered the phone asked "Are you coming alone or will you bring any of your children? Most of the participants usually bring one or two children along since they will also be involved in the succession process," said the seminar coordinator. "Please sign me up for myself and some of my family," responded Lou. "We will be five of us all together. I’ll fill in the form and mail it to you immediately," added Lou.
Three weeks after the seminar on Succession in Family Business Lou gathered the family again for a serious discussion of the issue of succession. "From the informal comments that I heard I trust you’ve enjoyed the seminar," Lou open the discussion. "Of course I can only speak for myself but I found the session extremely interesting and above all very useful. I must admit I didn’t realize that the process of succession is a very serious affair. I also didn’t know that it is such a long process. My experience from talking to my friends was that my attorney will take care of the entire affair. My preliminary discussions with her gave me the impression that she will take care of it once I have expressed my wishes. She found my informal statements reasonable but she insisted that I should do some more thinking about it and I should also have some informal chats with the family. Once I’ve finalized my thoughts it would be a matter of a few weeks before she’d have the papers ready for me to sign. Well in the seminar the speakers convinced me that there is more to the succession than just my wishes and the legal aspects. As a matter of fact thatportion is the easiest part. Getting the company ready for the succession is the hardest part. Also getting the perspective successors ready is a very important part. Finally, and that’s what struck me very important, is our (i.e., your mother’s and mine) preparation for our new life."
Lou went on and recommended that each of the children would do some serious thinking on whether they wish to keep the company or they wish to sell it. He and his wife have decided that they will bail out in the next five years. As a matter of fact he told them that "By my 70th birthday I’ll get out and move on with my life. Your mother and I have done a lot of thinking on how we’ll spend the rest of our life. One thing is certain we’d like to keep our current standard of living as far the money is concerned. The only difference will be that we won’t be working "in" the company. However, we’ll not cease to work "for" the company and the family. We’ll be available for any help and advice that you’d like if you come to us for it. We’ll not meddle in your day-to-day business or family activities. We’ll be there when and if you need us." In closing Lou gave the children some specifics. "Following the advice given to us at the seminar we must set specific objectives and timetables. I propose that you the children should answer the question regarding your wish for the future of the company in thirty days from today. If youdecide to sell the company then we’ll have six months to prepare for the sale and to find a buyer. If on the other hand the decision is made to keep the company then we must come up with a specific business plan for the succession process in the next three months. In a year from now we must have chosen the successor and a year later we must install the new CEO."
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