The eminent panellist Rooshad Patel, Managing Director of Hi-Tech Resistors Pvt Ltd, said the universal truths which face each and every one of us are – we are all going to die one day and no one is aware of the date & time when we depart this world. If these are truths which cannot be avoided does it not make sense to have a structured, gradual and calibrated succession plan.
The realization that one is not as quick and as ready for change as in the past and the realization that “The only constant in this world is that there will be change” strongly calls for succession planning. The recognition of the stark fact that every person at the helm of affairs has an “Expiry Date” or “Best By date” in terms of his/her being able to lead from the front and if one wanted the company to have a life of its own it was time to plan his/her departure.
The recognition of the fact that the organization being a living entity needs the infusion of new ideas to grow and more importantly a fresh look at everything. Otherwise may end up lacking in the right perspective for today’s needs. Therefore succession planning is nothing but the start of the process of “Letting Go”.
Finally, one has to put down in writing the principles of the company, which is actually nothing but reducing to writing the principles we have followed to date and should now form the basis of how we should conduct our business henceforth in order to achieve the company’s Mission Statement. Ideally what this process should be is a process where the different generations of family & business learn to work together & appreciate the different competence, skills & attitudes of different generations.
Sanjay Singh, Founder of Strategic Concepts (I) Pvt Ltd, said Biology successor cannot necessarily be your Business successor it depends on interests, knowledge and leadership qualities. Change Management can be trained and guided via sales coaches to make it a very smooth transition.
Ashit Sinha, HRD Professional said it is a two-way traffic not one way traffic both parties have to be proactive to make it a successful journey of change management.
Vishal Agrawal, President of VIA also shared his experiences and guided the young generation to involve in his family businesses and start working from shop floor levels as per liking. One should take the experiences of each and every department thoroughly for smooth running of family business. He also advised that one should be a decision maker, set goals and follow the vision and mission of the organisation.
The session was moderated by Akash Agrawal.
Earlier, Akash Agrawal, Chairman of VIA Entrepreneurship Forum welcomed the panellists and made an opening remark and said this was the second program we had organised under this forum. He said the next generation is not very keen, serious, to join his/her father’s business. Program Coordinator, Tejaswini Bhandarkar introduced the panellists and also proposed a formal vote of thanks.
Members of the association, industrialists, professionals, budding entrepreneurs and interested persons attended the session at VIA & also joined virtually.
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