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Family Presentation templates

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The Key to Successful Succession Planning for Family Businesses

by Will Tabor and James Vardaman

Summary .   

Successfully passing the baton to the next generation is a goal for many family business leaders. It can also be a sound business move if the right steps are taken. By clearly communicating family succession intentions, developing strong relational bonds, and proving the fitness of next generation leaders, family firms can achieve buy-in from their nonfamily employees. Not only will this make for a smooth leadership transition, but it can also increase nonfamily identification with both the family and the firm, creating a more productive and satisfied workforce that propels the firm for years to come.

The succession process is one of the biggest challenges facing family firms, as most fail to remain a family business past the second generation. Among those that do succeed, a key concern is how nonfamily personnel will receive a successor. Perceptions of nepotism in succession can undermine nonfamily employee commitment to the business and their continued participation in the firm. Addressing this common issue can be difficult because the ability to choose a family successor and provide employment opportunities for family members is often a primary aim of family business owners. Thus, a key challenge for family businesses is gaining buy-in from nonfamily employees for the next generation of family leadership .

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The Family Business

Jul 04, 2012

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The Family Business. PART 2 Starting from Scratch or Joining an Existing Business. What Is a Family?. Family A group of people bound by a shared history and a commitment to share a future together, while supporting the development and well-being of individual members.

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Presentation Transcript

The Family Business PART 2 Starting from Scratch or Joining an Existing Business

What Is a Family? • Family • A group of people bound by a shared history and a commitment to share a future together, while supporting the development and well-being of individual members.

Smith Family HardwareEst. 1935 Welcome What Is a Family Business? • Family Business • An organization in which either the individuals who established or acquired the firm, or their descendants, significantly influence the strategic decisions and life course of the firm.

Exhibit 5.1Competing Interests in the Family Business Source:Adapted from Tim Barnett and Franz W. Kellermannas, “Are We Family and Are We Treated as Family? Nonfamily Employees’ Perceptions of Justice in the Family Firm,” Entrepreneurship Theory and Practice, Vol. 30, No. 6 (November, 2006), pp. 837–854.

Family Concerns Care and nurturing of family members Employment and advancement in the firm Loyalty to the family Business Concerns Production and distribution of goods and/or services Need for professional management Effective and efficient operation of the firm Family and Business Overlap

Exhibit 5.2Advantages of a Family Business

Disadvantages of a Family Business • Conflict among family members about: • Risk (consequences of failure) to the family in launching a business • Nepotism and the differences in competencies and merit of family members involved in the business • Family traditions versus the business need to innovate and seize opportunities • Unity and cooperation of family versus business need to foster diversity and competition • Family loyalty versus the necessity to provide opportunities for non-family employees

Family Business Momentum • The Founder’s Imprint on the Culture • The founder’s core values become a transmitted part of the culture (for better or worse). • Organizational Culture • Patterns of behaviors and beliefs that characterize a particular firm. • Family Business Cultural Values • Mutual respect • Integrity • Wise use of resources • Personal responsibility • “Fun”

Family Roles and Relationships • Parental Concerns in Passing the Business On: • Does my child possess the temperament and ability necessary for business leadership? • How can I motivate my child to take an interest in the business? • What type of education and expertise will be most helpful in preparing my child for leadership? • What timetable should I follow in employing and promoting my child? • How can I avoid favoritism in managing and developing my child for a leadership role? • Is sibling rivalry likely to be a problems, and can it be avoided? • How can I prevent the business relationship from damaging or destroying the parent–child relationship?

Family Roles and Relationships (cont’d) • Co-Preneurs (Husband–Wife Teams) • Opportunity to share more in each other’s lives • Business differences interfere with family life • Work doesn’t leave time for family life • Sharing family responsibilities eases the load • Sons and Daughters • Personal preferences different from the business • Personal qualifications insufficient to assume role in business • Desire for personal freedom to choose another career

Family Roles and Relationships (cont’d) • Sibling Cooperation, Sibling Rivalry • Best case: siblings work as a team, each contributing services according to his or her abilities • Worst case: siblings compete as rivals and disagree about their business roles.

Family Roles and Relationships (cont’d) • In-laws In and Out of the Business • Disagreements about how to treat and reward in-laws and family members/children • Assign to different branches or to different business roles • The Entrepreneur’s Spouse • Communication between entrepreneur and spouse is critical for their performance as an effective team for both the business and the family.

The Need for Good Management in the Family Firm • Best Practices (Professional Management): • Promote learning to stimulate thinking and fresh strategic insights. • Solicit ample input from outsiders to keep things in perspective. • Establish channels for constructive communication and use them. • Build a culture that accepts continuous change. • Promote family members only according to their skill levels. • Attract and retain excellent nonfamily managers. • Ensure fair compensation for all employees, including those outside the family. • Establish a solid leadership succession plan. • Exploit the unique advantages of family ownership.

The Need for Good Management in the Family Firm (cont’d) • Nonfamily Employees in a Family Firm • Hazards: • Competition with family members for advancement • Getting caught in the crossfire and politics of family competition within the firm • Solutions: • Identify family-only reserved positions in advance. • Treat both family and nonfamily employees fairly in matters of reward and promotion.

Family Retreats A gathering of family members, usually at a remote location, to discuss family business matters. Use of an outside facilitator may be necessary. Guidelines Set a time and place. Distribute an agenda prior to the meeting. Plan a schedule in advance. Give everyone a chance to participate. Keep it professional. The Need for Good Management in the Family Firm (cont’d)

The Need for Good Management in the Family Firm (cont’d) • Family Councils • An organized group of family members who gather periodically to discuss family-related business issues. • Represent the family to board of directors • Useful in developing family harmony • Increases understanding of family traditions and interest

The Need for Good Management in the Family Firm (cont’d) • Family Business Constitution • A statement of principles intended to guide a family firm through times of crisis and change. • Family Protocol • An extension of the constitution incorporating additional agreements that includes: • Ownership agreements (inheritance and buy–sell compacts) • Governance and personnel policies • Use of business resources by family members • Conflicts of interest and noncompetition agreements • Codes of conduct

The Process of Leadership Succession • Available Family Talent • Mentoring • Guiding and supporting the work and development of a new or less-experienced organization member. • Competency • Allowing only qualified competent family members to assume leadership roles in the firm increases the value of the firm for all who have an ownership interest in it.

Reluctant Parents and Ambitious Children • Transfer of Ownership • Passing ownership of a family business to the next generation • Who will inherit the family firm? When? • Should each heir receive an equal share? • Should ownership be transferred gradually? • How are tax considerations to be handled? • What to do with other wealth and assets of the founding entrepreneur?

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FAMILY BUSINESS - PowerPoint PPT Presentation

FAMILY BUSINESS

... from all over the world ; from japan to mediterranean to europe up to the u.s.a. ... cases of recession and prosperity, in addition, family businesses are not ... – powerpoint ppt presentation.

• Consequently, we see that in order to safeguard the family businesses preserve it, and insure its continuation from one generation to another, changing legal entity is not only the sole solution but by taking various administrational and financial rules, also behaviors in accordance to the status of this specific family business.
• This process varies whether that family business is still under the command of the founder OR is it under the control of his sons OR under cumulation of cousins !!
• There are examples of success and examples of failure in order not to generalize we are witnessing cases of new generations which might be classified as success stories and there are suffering and ingratitude, and there are stories whereby they have been ended up badly at the hits of some golden spoon generation.
• How to move forward, we need all to think deeply twice and take painful decisions since money management in many cases is much more difficult than some war management.

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MoSCoW Prioritization

What is moscow prioritization.

MoSCoW prioritization, also known as the MoSCoW method or MoSCoW analysis, is a popular prioritization technique for managing requirements. 

  The acronym MoSCoW represents four categories of initiatives: must-have, should-have, could-have, and won’t-have, or will not have right now. Some companies also use the “W” in MoSCoW to mean “wish.”

What is the History of the MoSCoW Method?

Software development expert Dai Clegg created the MoSCoW method while working at Oracle. He designed the framework to help his team prioritize tasks during development work on product releases.

You can find a detailed account of using MoSCoW prioritization in the Dynamic System Development Method (DSDM) handbook . But because MoSCoW can prioritize tasks within any time-boxed project, teams have adapted the method for a broad range of uses.

How Does MoSCoW Prioritization Work?

Before running a MoSCoW analysis, a few things need to happen. First, key stakeholders and the product team need to get aligned on objectives and prioritization factors. Then, all participants must agree on which initiatives to prioritize.

At this point, your team should also discuss how they will settle any disagreements in prioritization. If you can establish how to resolve disputes before they come up, you can help prevent those disagreements from holding up progress.

Finally, you’ll also want to reach a consensus on what percentage of resources you’d like to allocate to each category.

With the groundwork complete, you may begin determining which category is most appropriate for each initiative. But, first, let’s further break down each category in the MoSCoW method.

Start prioritizing your roadmap

Moscow prioritization categories.

1. Must-have initiatives

As the name suggests, this category consists of initiatives that are “musts” for your team. They represent non-negotiable needs for the project, product, or release in question. For example, if you’re releasing a healthcare application, a must-have initiative may be security functionalities that help maintain compliance.

The “must-have” category requires the team to complete a mandatory task. If you’re unsure about whether something belongs in this category, ask yourself the following.

If the product won’t work without an initiative, or the release becomes useless without it, the initiative is most likely a “must-have.”

2. Should-have initiatives

Should-have initiatives are just a step below must-haves. They are essential to the product, project, or release, but they are not vital. If left out, the product or project still functions. However, the initiatives may add significant value.

“Should-have” initiatives are different from “must-have” initiatives in that they can get scheduled for a future release without impacting the current one. For example, performance improvements, minor bug fixes, or new functionality may be “should-have” initiatives. Without them, the product still works.

3. Could-have initiatives

Another way of describing “could-have” initiatives is nice-to-haves. “Could-have” initiatives are not necessary to the core function of the product. However, compared with “should-have” initiatives, they have a much smaller impact on the outcome if left out.

So, initiatives placed in the “could-have” category are often the first to be deprioritized if a project in the “should-have” or “must-have” category ends up larger than expected.

4. Will not have (this time)

One benefit of the MoSCoW method is that it places several initiatives in the “will-not-have” category. The category can manage expectations about what the team will not include in a specific release (or another timeframe you’re prioritizing).

Placing initiatives in the “will-not-have” category is one way to help prevent scope creep . If initiatives are in this category, the team knows they are not a priority for this specific time frame. 

Some initiatives in the “will-not-have” group will be prioritized in the future, while others are not likely to happen. Some teams decide to differentiate between those by creating a subcategory within this group.

How Can Development Teams Use MoSCoW?

  Although Dai Clegg developed the approach to help prioritize tasks around his team’s limited time, the MoSCoW method also works when a development team faces limitations other than time. For example: 

Prioritize based on budgetary constraints.

What if a development team’s limiting factor is not a deadline but a tight budget imposed by the company? Working with the product managers, the team can use MoSCoW first to decide on the initiatives that represent must-haves and the should-haves. Then, using the development department’s budget as the guide, the team can figure out which items they can complete. 

Prioritize based on the team’s skillsets.

A cross-functional product team might also find itself constrained by the experience and expertise of its developers. If the product roadmap calls for functionality the team does not have the skills to build, this limiting factor will play into scoring those items in their MoSCoW analysis.

Prioritize based on competing needs at the company.

Cross-functional teams can also find themselves constrained by other company priorities. The team wants to make progress on a new product release, but the executive staff has created tight deadlines for further releases in the same timeframe. In this case, the team can use MoSCoW to determine which aspects of their desired release represent must-haves and temporarily backlog everything else.

What Are the Drawbacks of MoSCoW Prioritization?

  Although many product and development teams have prioritized MoSCoW, the approach has potential pitfalls. Here are a few examples.

1. An inconsistent scoring process can lead to tasks placed in the wrong categories.

  One common criticism against MoSCoW is that it does not include an objective methodology for ranking initiatives against each other. Your team will need to bring this methodology to your analysis. The MoSCoW approach works only to ensure that your team applies a consistent scoring system for all initiatives.

Pro tip: One proven method is weighted scoring, where your team measures each initiative on your backlog against a standard set of cost and benefit criteria. You can use the weighted scoring approach in ProductPlan’s roadmap app .

2. Not including all relevant stakeholders can lead to items placed in the wrong categories.

To know which of your team’s initiatives represent must-haves for your product and which are merely should-haves, you will need as much context as possible.

For example, you might need someone from your sales team to let you know how important (or unimportant) prospective buyers view a proposed new feature.

One pitfall of the MoSCoW method is that you could make poor decisions about where to slot each initiative unless your team receives input from all relevant stakeholders. 

3. Team bias for (or against) initiatives can undermine MoSCoW’s effectiveness.

Because MoSCoW does not include an objective scoring method, your team members can fall victim to their own opinions about certain initiatives. 

One risk of using MoSCoW prioritization is that a team can mistakenly think MoSCoW itself represents an objective way of measuring the items on their list. They discuss an initiative, agree that it is a “should have,” and move on to the next.

But your team will also need an objective and consistent framework for ranking all initiatives. That is the only way to minimize your team’s biases in favor of items or against them.

When Do You Use the MoSCoW Method for Prioritization?

MoSCoW prioritization is effective for teams that want to include representatives from the whole organization in their process. You can capture a broader perspective by involving participants from various functional departments.

Another reason you may want to use MoSCoW prioritization is it allows your team to determine how much effort goes into each category. Therefore, you can ensure you’re delivering a good variety of initiatives in each release.

What Are Best Practices for Using MoSCoW Prioritization?

If you’re considering giving MoSCoW prioritization a try, here are a few steps to keep in mind. Incorporating these into your process will help your team gain more value from the MoSCoW method.

1. Choose an objective ranking or scoring system.

Remember, MoSCoW helps your team group items into the appropriate buckets—from must-have items down to your longer-term wish list. But MoSCoW itself doesn’t help you determine which item belongs in which category.

You will need a separate ranking methodology. You can choose from many, such as:

• Weighted scoring
• Value vs. complexity
• Buy-a-feature
• Opportunity scoring

For help finding the best scoring methodology for your team, check out ProductPlan’s article: 7 strategies to choose the best features for your product .

2. Seek input from all key stakeholders.

To make sure you’re placing each initiative into the right bucket—must-have, should-have, could-have, or won’t-have—your team needs context. 

At the beginning of your MoSCoW method, your team should consider which stakeholders can provide valuable context and insights. Sales? Customer success? The executive staff? Product managers in another area of your business? Include them in your initiative scoring process if you think they can help you see opportunities or threats your team might miss. 

3. Share your MoSCoW process across your organization.

MoSCoW gives your team a tangible way to show your organization prioritizing initiatives for your products or projects. 

The method can help you build company-wide consensus for your work, or at least help you show stakeholders why you made the decisions you did.

Communicating your team’s prioritization strategy also helps you set expectations across the business. When they see your methodology for choosing one initiative over another, stakeholders in other departments will understand that your team has thought through and weighed all decisions you’ve made. 

If any stakeholders have an issue with one of your decisions, they will understand that they can’t simply complain—they’ll need to present you with evidence to alter your course of action.  

Related Terms

2×2 prioritization matrix / Eisenhower matrix / DACI decision-making framework / ICE scoring model / RICE scoring model

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