Family businesses often face a similar problem, which is choosing a successor. When the founders reach retirement age, they all want to leave their children a great legacy that has been built up after a long time, by efforts with their own excellence and of course with a little luck.
However, in reality, it is not always the case that the children are born with the excellence taken after their good fathers to succeed their careers ; or there are also cases where parents do business, but the children choose to be a doctor, an architect or a politician. Under these circumstances, the risk that the business will not have a successor, or will not continue to develop is very real.
To solve the problem of succession optimally, business owners should considered accordingly at the following perspectives:
Firstly, the business should not depend on any particular individual, even the outstanding one, as once risks are likely to occur to that person, the whole business will be inevitably affected.
Secondly, in order for a business to develop stably, it must be operated in accordance with the rules and laws that have been verified through practice. Rules and regulations will reduce the workload for managers, thereby allowing businesses to use normal managers but still operate the system effectively.
Third, business owners should rearrange management activities, which rely on their own talents, into a professional management system, from which they can be transferred to their successors to operate without fear of risk.
With more than 30 years of consulting experience for businesses and organizations in Switzerland and German-speaking countries, Professor F. Malik has come up with an Integrated Management System (IMS) consisting of 24 core essentials. This system has also been applied and tested in practice in many enterprises/organizations in Europe and China, which helped partners create a great development thanks to enhancing management capacity of the whole system.
In the tendency of digital transformation, the IMS system has been transformed into MSA software to make it more convenient for businesses to apply, regardless of geographical space or the impact of social distancing due to the Covid-19 pandemic.
MSA software produced by Sleader together with TMA Solutions, a leading software export company in Vietnam, on the basis of an integrated management system (IMS) of Malik, Switzerland, is believed to be a very useful product for Vietnamese enterprises and organizations.
In the current conditions, business owners can use MSA software that has been Vietnameseized for testing their management system, thereby improving and proceeding it for smooth operation. Accordingly, once the business has run smoothly, the business owner will have time to spend time with his family and nurture his successor.
Source: Institute for Strategic Leadership Development Research (Sleader)