ETP3702 Assignment 6 (ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED

Well-structured ETP3702 Assignment 6 (ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED. (DETAILED ANSWERS - DISTINCTION GUARANTEED!). A family business is an organisation that in which either the individuals who established or acquired the firm or their descendants significantly influence the strategic decisions and life course of the firm. The chief reason why family businesses fail is lack of a written succession plan (Tatoglu, Kula & Glaister, 2008). Furthermore, only 30 per cent of family businesses are successful in the second generation (Nieman & Niewenhuizen, 2009:221). Failure in succession represents a crucial problem, not only to family enterprises and their employees, but also to the prosperity of the South African economy. With the above in mind, you are required to choose a registered small family-owned business that has employees within your community. Your objective for this assignment is to interview the owner and get an understanding as to why they do not have a written succession plan/ or the process followed to develop one. Upon successful completion of this assignment, the interviewed entrepreneur/ owner should know the stages in succession planning; the importance of a written succession plan, and how to go about writing a succession plan. Assignment instructions This assignment should be presented in the form of a well-structured report, which in totality should not exceed eight pages (typed). The acceptable line spacing for this assignment is 1.5. The font size for the assignment body must be 12pt Arial. The assignment should be based on the theoretical foundation you have learnt from the ETP3702 study material, information from the identified family-owned business/owner, as well as other reputable academic journals. Attach a copy of a business card and/or contact details of a person that you have interviewed, as well as the date and place where the interview took place. Where an e-mail was used, provide evidence. ENTREPRENEURSHIP IIIB (ETP3702) LECTURER: DR RM KHOSA ASSIGNMENT 6 MARKS 70 DUE DATE: 28 MAY 2024 The interview Advice the entrepreneur/owner before you begin with the interview that participation in your study is completely voluntary. If there are any other questions that they prefer not to answer, they have a right to do so. All the information that they will provide through their participation in your study will be kept confidential by you and the Lecturer. Use the following as a guideline to structure your assignment. 1. Executive summary. This should also include the demystification of a written succession plan and its significance. (5) 2. Provide a background of the chosen enterprise including its founding, the type of business (industry), owners and ownership structure, structural form, locations, expansion (both in terms of facilities/ locations and products/ markets), hours of operation, number of staff members, and so forth. (10) 3. What are the family conflicts faced by the chosen business? What are the reasons for the absence of a written succession plan? If there is a succession plan, which process was followed to develop the plan (critic the succession plan)? (15) 4. What are the determinants of a successor? What are the most important qualities that a possible successor should have? What are the benefits of running a family business? (10) 5. Provide recommendations on how the business can solve its problems that you have discovered in the interview. Also, briefly touch on the stages of succession planning in your recommendation. (15) 6. Conclusion (5) 7. References (Harvard style) (5)