ETP3702
ASSIGNMENT 5 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 2024
, 1.1 Five Critical Steps of a Succession Plan that ANAT Has to Be Aware Of
For a family business like ANAT that spans multiple generations, implementing a robust
succession plan is essential for ensuring long-term stability and continuity.
1. Identifying Potential Successors: This involves assessing family members'
skills, interests, and commitment to determine who is best suited to take over the
business. ANAT would need to evaluate candidates’ passion for the food
industry, understanding of the brand, and ability to continue the family legacy
effectively.
2. Providing Training and Development: To prepare successors adequately,
ANAT should implement a thorough training program. This training may cover
operational skills, financial management, marketing, and brand values. Just as
ANAT provides comprehensive training to franchisees, they should also focus on
grooming the successor(s) with the necessary skills to lead.
3. Defining Clear Roles and Responsibilities: Ensuring clarity around roles and
responsibilities is key to a smooth transition. ANAT should outline what specific
roles the successors will play, distinguishing leadership roles from daily
operational roles to avoid confusion and conflict.
4. Developing a Succession Timeline: Establishing a realistic timeline for the
transition allows for a gradual handover and minimizes disruption to the
business. ANAT could set milestones for different stages of succession, such as
the successor taking on increasing levels of responsibility over a set period.
5. Establishing Governance Structures: Formalizing governance structures, such
as an advisory board or family council, can help in decision-making and provide
accountability. This structure can ensure that family values are upheld while
allowing non-family experts to contribute to ANAT’s growth, which is essential as
the business expands.
1.2 Four Forms of Licensing
ASSIGNMENT 5 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 2024
, 1.1 Five Critical Steps of a Succession Plan that ANAT Has to Be Aware Of
For a family business like ANAT that spans multiple generations, implementing a robust
succession plan is essential for ensuring long-term stability and continuity.
1. Identifying Potential Successors: This involves assessing family members'
skills, interests, and commitment to determine who is best suited to take over the
business. ANAT would need to evaluate candidates’ passion for the food
industry, understanding of the brand, and ability to continue the family legacy
effectively.
2. Providing Training and Development: To prepare successors adequately,
ANAT should implement a thorough training program. This training may cover
operational skills, financial management, marketing, and brand values. Just as
ANAT provides comprehensive training to franchisees, they should also focus on
grooming the successor(s) with the necessary skills to lead.
3. Defining Clear Roles and Responsibilities: Ensuring clarity around roles and
responsibilities is key to a smooth transition. ANAT should outline what specific
roles the successors will play, distinguishing leadership roles from daily
operational roles to avoid confusion and conflict.
4. Developing a Succession Timeline: Establishing a realistic timeline for the
transition allows for a gradual handover and minimizes disruption to the
business. ANAT could set milestones for different stages of succession, such as
the successor taking on increasing levels of responsibility over a set period.
5. Establishing Governance Structures: Formalizing governance structures, such
as an advisory board or family council, can help in decision-making and provide
accountability. This structure can ensure that family values are upheld while
allowing non-family experts to contribute to ANAT’s growth, which is essential as
the business expands.
1.2 Four Forms of Licensing
