From the course: Human Resources: Strategic Workforce Planning

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Succession planning in small businesses

Succession planning in small businesses

From the course: Human Resources: Strategic Workforce Planning

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Succession planning in small businesses

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- Succession planning is especially important in small firms, such as family-owned businesses. About 35% of Fortune 500 companies are family controlled, and they represent the full spectrum of firms, from small businesses to major corporations. Small businesses, including many family firms, employ just over half of U.S. workers. Unfortunately, research shows that only about 30% of small businesses survive into the second generation, only 12% into the third generation, and only 3% into the fourth. In this video, I'll show you some of the ways that families and small businesses are trying to solve the leadership succession problem. It's critical to strategic workforce planning, and in many cases, to the survival of a small business. Leadership succession is no time for wishful thinking. Hoping that an uninterested or incapable son or daughter will suddenly become full of passion and business skills, it's unrealistic. Instead of wishing, provide clear, consistent communication to all…

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