1.Why was there no business succession plan at Lakkard?
Business succession planning is an important process, which is essential for preparing future company leaders from internal human resources. The main obstacle to a successful succession planning in the majority of companies, however, is the unwillingness of the older generation to give up their leadership position and to put the future of the organization into the hands of younger successors. Unfortunately, CFL followed this pattern and did not realize the need to prepare his son for taking over Lakkard. Whether it was short-sightedness or a conscious decision to maintain leadership, it ...
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Q. Why was there no business succession plan at Lakkard?
There was no succession plan at Lakkard because of a series of factors that were not acted on to achieve a legal succession plan. There are 10 factors all forming the Succession Matrix; “owner motivation and perspective, personal financial planning, business structuring, business performance, strategic planning, leadership and management continuity, management synergy and teamwork, successor preparation, family dynamics, and family governance” (Rawls group).
In looking at the business owner motivation and perspective, CFL did not fully understand the responsibilities that he had with the various stakeholders involved in the Lakkard Leather Company. While he fully understood those of suppliers and ...
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