There are 3 parts to this Competency Assessment: "Firm 1: Succession Issues", "Firm 2: Selling", and "In Conclusion". Be sure to create headings in your MSWord document for each part.
The succession of the business owner either by family, employees, or by selling to new owners are critical concerns of most entrepreneurs. Perform a web search related to the management succession and continuity of specific firms. You might find the following online publications useful: Business Week, U.S. News & World Report, Inc., Fortune Small Business, Entrepreneur, and Fast Company. Choose articles about two different companies (Firm 1 and Firm 2) and answer the following questions:
1. What business is this company in?
2. What issues did the owner(s) have regarding his or her succession?
3. What was the owner’s final decision on how to handle the succession?
4. What lessons can be learned from this owner’s experience?
1. What business is this company in?
2. Which of the steps of the selling process were followed in the article? Make sure to indicate where the steps appeared in article (the terminology in out text might not be used in the article.) Which steps were not present?
3. How did the owner or buyer address any obstacles?
4. What lessons can be learned from this experience?
Based on what you have learned from these two cases, what recommendations would you give to an entrepreneur who is in the process of developing a succession plan? Be as helpful as possible.