Well-structured succession plan must for smooth transition: Patel

Source: The Hitavada      Date: 18 Sep 2017 09:35:14


 

Business Bureau,

Highlighting the fact that every one in the universe is going die one day or the other and leave all his or or belonging, Rooshad Patel Director High-Tech Resistors Pvt Ltd, Member of Confederation of Indian Industry (CII) recently advised that is it always better to have a well-structured and calibrated succession plan - at least for entrepreneurs.


He was speaking at a seminar on ‘Succession Rationale of Family Managed Business’ organised by the VIA Entrepreneur Forum at Udyog Bhawan at Civil Lines. Patel said that businesses set up by individuals or group of persons have larger life than that of the founders. “The recognition of the stark fact that every person sitting at the helm of affairs has an “expiry date” and if wants the organisation to run smoothly even after his death, he should to plan his departure,” he said adding that succession planning is initiating the process of ‘Letting Go’. Patel said that succession planning has to be done even when there is only one successor or when there are several successors.


“The first case is relatively easier, as a smooth transition from one generation to another can be achieved by mutual understanding and democratic process. But in case of multiple successor, the process is much more complex,” he said. In case of multiple successors, the founder should first identify the right candidate who possess the leadership capabilities and has a vision for the company, he pointed out.


Akash Agrawal, Chairman of VIA Entrepreneurship Forum, explained the importance of the topic while Atul Pande, President of VIA welcomed the guest speaker with floral bouquet. He also shared his success story and how he managed his family businesses. Anita Rao, Convener of Entrepreneurship Forum proposed a formal vote of thanks.