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Step 1: Distinguish Successor’s Development Stage
5 key objectives: business ownership skills and competencies, family business
principles and practices, knowledge of the family business’s assets, understanding the
family history and values, and developing personal leadership competencies.
Suitable candidates should be identified and appropriately introduced to the family
business during their development stage. This will allow suitable candidates to “grow”
within the environment - critical to understand the business culture, practices and
assets. With this direction, suitable candidates can make better informed choice in their
development, especially when it comes to selecting a tertiary education - it will be much
more ideal for a suitable candidate whose family business is involved in, for example,
interior design, to enroll in courses such as interior design / architecture / furniture
design etc as compared to english literature.
As the suitable candidates grow within the environment, they may better understand the
conditions and culture involved - and also identify possible areas of improvement.
Integrating suitable candidates will enable owners to identify the keys skills /
competencies and interests, and further define areas of interest where the candidate will
be most suitable.
Step 2: Learning to Develop the Entrepreneurial Leader
After step 1, suitable candidates whom are still passionate and keen to be involved in
the family business will be placed on a management trainee (MT) program.
The MT program will aim to integrate suitable candidates into different departments and
gain a deeper understanding on how they work. It will also enable candidates to identify
areas to sync and enable better integration of the businesses. It is recommended that
the candidates be mentored by both the company director as well as the head of
department. Weekly meetings can be held to assess the progress. With on job training
and mentorship, this fulfills different learning strategies in absorbing, interaction and
reflection.
Step 3: Measure Impact of the Results
Based on the OJT - candidates will be required to submit a project based on their
experience within the department. This project will focus on innovation & improvement.
An appraisal involving department staff will also be conducted. Combined together, this
will allow greater insights to the capabilities of the candidate.
Towards the end of the MT program - candidates will utilise their accumulated
experience and department projects to introduce an overall company plan. This will be
assessed by the management committee / board of directors.
Step 4: The Plan
The plan utilises all components of the 4 L framework - Business, About our Business,
Leading & Letting Go. After assessing at stage 3, the managing director will be able to
identify a suitable successor.
Step 5: Conscious Use of Knowledge
The step is covered at the end of the management trainee program - end assessment.
However, there is a possibility that a successor may not be definitive at the end of the
program.
Suitable candidates may then take on managerial roles within the business and
continue receiving mentorship.

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Next generation development plan

  • 1. Step 1: Distinguish Successor’s Development Stage 5 key objectives: business ownership skills and competencies, family business principles and practices, knowledge of the family business’s assets, understanding the family history and values, and developing personal leadership competencies. Suitable candidates should be identified and appropriately introduced to the family business during their development stage. This will allow suitable candidates to “grow” within the environment - critical to understand the business culture, practices and assets. With this direction, suitable candidates can make better informed choice in their development, especially when it comes to selecting a tertiary education - it will be much more ideal for a suitable candidate whose family business is involved in, for example, interior design, to enroll in courses such as interior design / architecture / furniture design etc as compared to english literature. As the suitable candidates grow within the environment, they may better understand the conditions and culture involved - and also identify possible areas of improvement. Integrating suitable candidates will enable owners to identify the keys skills / competencies and interests, and further define areas of interest where the candidate will be most suitable. Step 2: Learning to Develop the Entrepreneurial Leader After step 1, suitable candidates whom are still passionate and keen to be involved in the family business will be placed on a management trainee (MT) program. The MT program will aim to integrate suitable candidates into different departments and gain a deeper understanding on how they work. It will also enable candidates to identify areas to sync and enable better integration of the businesses. It is recommended that the candidates be mentored by both the company director as well as the head of department. Weekly meetings can be held to assess the progress. With on job training and mentorship, this fulfills different learning strategies in absorbing, interaction and reflection. Step 3: Measure Impact of the Results Based on the OJT - candidates will be required to submit a project based on their experience within the department. This project will focus on innovation & improvement.
  • 2. An appraisal involving department staff will also be conducted. Combined together, this will allow greater insights to the capabilities of the candidate. Towards the end of the MT program - candidates will utilise their accumulated experience and department projects to introduce an overall company plan. This will be assessed by the management committee / board of directors. Step 4: The Plan The plan utilises all components of the 4 L framework - Business, About our Business, Leading & Letting Go. After assessing at stage 3, the managing director will be able to identify a suitable successor. Step 5: Conscious Use of Knowledge The step is covered at the end of the management trainee program - end assessment. However, there is a possibility that a successor may not be definitive at the end of the program. Suitable candidates may then take on managerial roles within the business and continue receiving mentorship.