Developing a Management Succession Plan
Not what you're looking for?
Carol Wingard has worked hard to build the small jewelry manufacturing company she started in her late 20s into a highly successful family business. Now, 40 years later, she is "ready to step down and enjoy life." She has seven family members, including her two sons Ralph and Cooper, who work in the business. Ralph has 30 years of experience, and Cooper has 22 years of experience. Both are vice presidents of the company.
Carol has always intended to pass the business to her sons, who together own 20% of the company's stock. However, she has always been too busy running the business to put together a formal management succession plan. For the past decade, many of the employees have whispered among themselves about who would be named president if Wingard stepped down and about what, exactly, would happen to the business.
Now that she has decided to retire, Wingard wants to begin developing a management succession plan. She calls you and announces her plan to retire within a year. What advice do you offer her about a management succession plan?
Purchase this Solution
Solution Summary
Carol Wingard has worked hard to build the small jewelry manufacturing company she started in her late 20s into a highly successful family business. Now, 40 years later, she is "ready to step down and enjoy life." She has seven family members, including her two sons Ralph and Cooper, who work in the business. Ralph has 30 years of experience, and Cooper has 22 years of experience. Both are vice presidents of the company.
Solution Preview
One of the advice to Carol would be to carefully evaluate the strengths, weaknesses, behaviors, motivators, etc. of the people in the organization whom she ...
Education
- BComm, University of Delhi
- Post Graduate Diploma in Management (Equivalent to MBA), All India Management Association
Recent Feedback
- "Thanks"
- "Thanks"
- "Very good! "
- "thanks"
- "Thank you!"
Purchase this Solution
Free BrainMass Quizzes
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.
Balance Sheet
The Fundamental Classified Balance Sheet. What to know to make it easy.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.