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AMANDA NOREEN NAPOLEON M. MOJUGA (BB14110099)

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AMANDA NOREEN NAPOLEON M. MOJUGA (BB14110099)

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Firstly is Education. Training or educating the successor in the firm is a delicate process. Many times a parent finds it difficult to train a child to be successor. They must train their successor how to make a decision-making in solving a problem, how they will lead the business when they become the successor and how they use their interpersonal skills. If so, an alternative trainer may be found within the firm. A successful trainer will be logical, committed to the task, credible and action oriented. These attributes, when tied into a program that is mission aligned, results oriented, reality-driven, learner centered and risk sensitive, will produce a well-trained beneficiary. All of this, of course, is easier stated than accomplished.
Secondly is selection. Owners select successors on the basis of age, sex, qualifications or performance. Because of the potential for emotional upheaval, some owners avoid the issue entirely, adopting an attitude of how to solve a problem when their business is in trouble. Family business owners may want to take advantage of a successor selection model developed for corporate executive succession. In this model, family members, using the strategic business plan, develop specific company objectives and goals for the future president or chief executive officer. The job description includes the requirements for the position--such as skills, experience and possibly personality attributes. For example, if a firm plans to pursue growth in the next five years, the potential successor would be required to have a thorough understanding of business valuations and financial statements, the ability to negotiate and a good relationship with local financial institutions.

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The factors  for a family business owner to choose the successor for his/her business are individual factor (demographic  characteristics) and family matter.

In demographic characteristics like age, gender, knowledge and etc, these components affect the family business owner to choose the successor for his/her business. This is because when the owner want to pass up the ownership, he/she will manage to see the potential future owner first to administrative the family business. For instance, the owner want to pass up the title of the owner to someone experienced handling the business. It is a good decision to do.

Besides, the family matter also one of the factor because of the owner was the philanthropy type. For instance, the owner of the family business was father then his first target to passed up the title will be his son/daughter. Thus, the philanthropy type of owner were exist in most of businesses.

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In my opinion,  two  (2) factors for a family business owner to choose the successor for his/her business.

1) The first factor for a family business to choose the successor for his/her business is substitute   must have skills in business.  This is because in business, the business skill very important  in family business, when  leaderships have a business skill, he will knows how to manage, plan and solve their problem in business.

2) The second factor for a family business to choose the successor for his/her business is had a good relationship with the owner. This is because the good relationship is very important for family business. A good relationship will create a good business.

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The factors that influence for a family business owner to choose the successor for his/her business is character and the capability of the successor.  For example, the person must have certain characteristic and capability to handle the company activities when facing a problem and motivate the works for keep  try to get the success in time to time.

Seconds factor is family factor. The company will choose the family member that have an experience in the business. This is because they want to help each other among their each family members for ease in the future.

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The factors for a family business owner to choose the successor for his/her business is

1) A competent person with professional experience and a wide network of social contacts.

2) Age, choose the oldest child becomes the successor.

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The first factor is the owner chooses / her successor based on age. For example, the oldest child becomes a successor. Unfortunately, the oldest can not be the best qualified. Placing their age or gender restrictions on the succession not a good idea.

Next is qualifications or performance, also is a factor to choose the successor for his/her business.  The higher education and experience the successor have, the more chance he will be the owner in the future.

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In my opinion, the factor of successor in business is family factor. This because relationship in family will impact the business and know well how to handle a management in the business.

next is individual factor have a potential to manage business as well with a good educational background and understanding how to develop the business.

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Age is the main factor for a family business owner to choose the successor for his/her business. The higher the age of family business owners, the higher the possibility of business succession planning. The main underlying assumption is that older family business owners have higher commitment in establishing the succession planning in their enterprises than younger ones.  All business owners are running after age and eventually reach at a late stage of life and do need retirement or safe exit from business. Thus, it is important to prepare the business successors.

Education level of owner also is a factor for family business owner to choose the successor for his/her business. Business owned by entrepreneurs with high level of education consistently practice more succession planning evidenced by existence of succession plan and low rate of business closure at succession. As the owner/manager's level of education increases, so too will the extensiveness of the succession planning process.

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in my opinion, change and transfer of power is an important process in the family business to continue business in reaching the desired goal. the process of replacing a new chairman to replace the old head reduced to a must for any company in the family business. there are several factors for business owners looking for a replacement.

1.       Education

education is a successor as chairman la important as the main criteria that should be seen by a business owner before choosing his successor. This is because, as the head of a person must He was an educated, knowledgeable and has the characteristics of a leader and that leadership has the potential to manage the company. One of the key components of educating the successor and increasing their understanding of the business and how it works is the development of a business.

2.       Demographic.

in these factors we can see the selection will depend on the value of a new leader. in the company of family businesses usually election as chairman was the son of the first owner of the company. Demographic characteristics such as gender, age, and education could have an effect on succession as well as successor preferences. The generation of the owner could affect whether or not he or she had thought about naming a successor.

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In my opinion, the factor for a family business owner to choose the successor for his or her business is depends on the commitment and the willingness of the successor candidates to take over the business. This is because the integrity and commitment are the crucial and desirable characteristics for the family business successor.
Besides, the job performance and his or her ability in managing the business also is one of the factors for an owner to choose the successor. Obviously, the family business owner will have high intention to choose the successor candidate who has the high ability and capability to manage the business in order to ensure the long term success of the family business.

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Selection a successor in business is important that must to be chooese wisely to make the person was worthy. In family business there are few main factor that involved the owner to choose a successor for the transfer of power. The main factor is the training and education of candidates. The education is important thing that must has in  some candidates to establish good management. This is because the academic role as the main source for idea when facing issues or problems within the company. The academic is important to make the management more systematic. If the candidate does not have a good academic then worry about the management of the company will face problems.

The second factor is demographics. Demography is also an important factor for proper elections. Demographics such as age,healthy Gender and large affect the electoral process successor. If his candidate have a limited lifespan and also affects the ill-health factors is not feasible to get involved as a potential successor. It is seen because demography is also important to make it more stable family commerce and prosper. Demographics such as Gender can also a major factor for rethinking because Gender in the administration should be targeted to realize a good arrangement.

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In my opinion, the factors for a family business owner to choose his/her successor is firm size.  The large-scale family enterprises have more opportunities and could improve performances than small enterprises in the high-level manager training and development and the succession planning are more normal and complicated.

Second, owner's age influence successor selection.  Older business owners are more likely to deal with issues of risks and uncertainty and with the growth of age, business owners are more easily dominated the enterprise.  The age of business owners is positively correlated with the formulation of a formal succession plan.

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1)FAMILY FACTOR
Relationship that the owner and the successor share are very significant in choosing successor as it depend on the level of stress or difficulty  they have to face.This is because it could affect their decision making in choosing successor.
2)INDIVIDUAL FACTOR
Demographic factor including gender ,age ,education also influence family business owner in choosing successor.For example,the higher the education level of the successor,the higher the probability of a successor to be chosen.

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ALFONSO AWILEANG BIN YOHANSYAH (BB14110093

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ALFONSO AWILEANG BIN YOHANSYAH (BB14110093

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Selection process of choosing who will be the firm's leader in the next generation can be the most difficult step especially if you must choose among a number of children. Selecting a successor may be viewed by siblings as favouring one child over the others, a perception that can be disastrous to family well-being and sibling harmony.

Factors for family business owner to choose the successors for his/her business are based on the age because most of the family business company will take their eldest son or daughter to be their successor because they were the person that involve on the company longer than the other siblings and have more experience how the company actually work.

Besides, education also can become another factor for family business owner to choose their successor because with a good education background they can interpret what they have learn to the company and improve the company management hence can compete with the market with any kind of condition and can grow the company profit.

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Selecting a successor may be viewed by siblings as favoring one child over the others, a perception that can be disastrous to family well-being and sibling harmony. Owners select successors on the basis of age, sex, qualifications or performance. From my perspective, the two factors for family business owner to choose the successor for his/her business was these two below.

1.  Training or education.

A successful trainer will be logical, committed to the task, credible and action oriented. One of the key components of educating the successor and increasing their understanding of the business and how it works is the development of a business plan.

2.  Demographic.

Demographic characteristics such as gender, age, and education could have an effect on

succession as well as successor preferences. The generation of the owner could affect whether or not he or she had thought about naming a successor.

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In my opinion, factor for a family business owner to choose the successor for the business is family factor. The relationship of the owner and the successor can bring a large impact on the success of business transition. Family harmony is crucial for the development of family business as they have the same goals and targets to operate the business. Thus, business owner will choose the family to inherit the business.

The second factor is individual factor such as age, gender and education level. The age of a person is important. If the person is too young, the owner will consider the capability of that young person to handle a company. Besides, most of the owners will prefer to choose male heir to inherit their company because they think that male heir is more capability compare to female heir. Furthermore, the owner will think about the education level if that heir is enough capable to handle the company or not.

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There have two factors for family business owner to choose the successor for his/her business which are  demographic and education background and skills.

1. Demographic
Demographic factor such as gender, age and education could have an effect on succession as well as successor preferences. For example, the age of business owners is positively correlated with the formulation of a formal succession plan and negatively related to succession planning due to the way of dealing with the conflict.

2. Education background and skill. If the individual don’t have education or skill to lead a company it will causes the company will not be able to doing a business or bankrupt, because the person has lack of knowledge and can't make decision when he/she face a problem. He/She don't know how to handle a problem that happen in company.

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BB14110723
In my opinion, one the factor for family business owner choose the successor for his/her business are the higher education and experience. The successor must have a dynamics, positive, resilient, courageous risk. In business have keen mind in the process of building a business idea. The successor must have experience to handle the meeting and their work .This is important to success the family business. Successor also must have the ability to anticipate need, issues and development coming or raised. By having the ability, an individual can make neat plan for the long term.

The next factor the choose the successor is demographic factors. which is could have an effect on succession as well as successor preferences. The demographic such as age, gender and age.The family business provide opportunity to their next generation to lead their business . Lack of skills can lead to many problem in the family business.

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Two factors for family business owner to choose the successor for his/her business are education and experiences and also personality attributes.
For education and experiences, the successor must know what the business is all about. The successor must educate themselves so that they know how to handle work and stress at the same time. The successor must be logical, committed to the task, credible and action oriented. At the same time, the successor must gain experiences in handling or working in business so that the successor will know what the flow of the business should be.
For the personality attributes, the successor must have high contribution to the business. For example, the successor always attend any meeting that the business arrange. This is so that the successor really want to know and learn about the business. Other than that, the successor dedicate with their work. They could complete or finish their work in the given time.

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Based on my reading, I think family and individual characteristics are the factor for family business to choose the successor.

The relationship that exists between the owner and the successor of a family business could have a large impact on the success of business transition. Family dynamics and relationships have been shown to affect the successful transition of a family business. Lack of family conflict and sustainability of the succession process were positively correlated. Stress that both produced from the business and from the family have also been proven to affect the efficiency of the succession process.

Demographic characteristics such as gender, age, and education could have an effect on succession as well as successor preferences. The willingness of a potential successor to step into the lead management role, or become the new owner of the family business could have an effect. Lack of skills can lead to many problems in the family business.

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In my opinion, the first factor for a family business owner to choose the successor for their business is demographic factors such as owner’s age. The older the business owner is, the more he considers about successor, and the more he considers his own children as the successor.

The second is the leadership transition.  Leadership transition from one generation to next generation to ensure to remains business ownership in the family.

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NURUL FAZIRA BINTI MUHAMAD NIZAM (BB14110540)

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NURUL FAZIRA BINTI MUHAMAD NIZAM (BB14110540)

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In my opinion, factors for the family business owner to choose the successor for his/her business are:

The quality of successor : Substitutes must have the quality and features that know enough about the business. They need to be honest, capable, healthy, energetic, stable and in line with the how the business owner manage his/her business.

Environmental factors : Replacement is required because of the occurrence of changes in the business environment require changes to the senior management.

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From my point of view, the first factor for the family business owner to choose his successor is based on the ability of the potential successor to maintain a good relationship with external and internal parties. When the successors are capable in preserving business relationships, it can increase organization’s stability, employees’ satisfaction and motivation which
eventually lead to an increase of development of the family business. So, there is no reason for the owners
to reject these potential successors

The second factor is the ability to identify and establish creative and innovative goal. Usually founders are more favorable to successors to are able to modified and reform their initial ideas and goals to make it sounds even better and interesting. Failure to proceed and maintain in out of dated goals will eventually decrease the chance for the successor to be chosen.

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SONIEH BINTI TIMPAS BB14110738        In my opinion, the first factors is education and experience . Because of their education and experience, they have a high potential to be selected by the family business owner as a successor for his or her business. Experience in another industry can broaden a potential successor's view and provide new ways to think about business situations. On the other hand, experience in the same industry can make the lessons and ideas learned more readily applicable. Secondly is the willingness of the successor to take over the business. This is because running a business is a complicated task, requiring knowledge, experience, energy, organization and dedication.

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SONIEH BINTI TIMPAS BB14110738        In my opinion, the first factors is education and experience . Because of their education and experience, they have a high potential to be selected by the family business owner as a successor for his or her business. Experience in another industry can broaden a potential successor's view and provide new ways to think about business situations. On the other hand, experience in the same industry can make the lessons and ideas learned more readily applicable. Secondly is the willingness of the successor to take over the business. This is because running a business is a complicated task, requiring knowledge, experience, energy, organization and dedication.

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In my opinion, one of the factors for family business owner to choose the successor for his/her business is their criteria. The successor must have sufficient knowledge of the business, good health, energetic, alertness and perceptiveness. These criteria were very important to become successor in business because without these criteria he/she does not have abilities to handle the business.

Next factors for family business to choose the successor is look at their track records. This is to see how they have perform in past, what does the track record show about their attendance and work ethic and Have they shown an ability to develop and retain clients. When look at their track records we can know that either they have ability or not to handle the business.

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In my opinion, there are two factors for a family business owner to choose the successor for his/her business. Firstly is an industry environment because industry structure plays an important role in explaining the characteristics of the successors. In particular, the more different the industry products are, the more vague the problem to be dealt with, and then the more important it is to put forward innovative solutions and evaluated measures from a multi-dimensional vision.

Secondly is the firm size. Large-scale family businesses tend to choose successor from the outside, and they think that the external successor could help improve performance, and the internal successor cannot do it. Meanwhile, the large-scale family enterprises have more opportunities than small enterprises in the high-level manager training and development and the succession planning are more normal and complicated.

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In my opinion, the factors for family business owner to choose the successor for his/her business are the sensitivity (alert) of the successor. The successor must know the goal of the business so, the operations will run smoothly and at the end the business will achieve their goal. And then the successor should alert what happen in surrounding so he/she can take the opportunity to improve their business.

Next factors is skill and experience, the successor should have motivation skills, planning & organization skills, communication skills, and decision making skills. Because be a successor is very challenging and difficult career path. It is a role with incredible responsibility, from reaching goals in terms of sales to managing office productivity. While your specific duties can vary from company to company, all business managers are tasked with keeping their departments making progress and working at peak efficiency. Other than that, he should have experience how to handle the business so when problem come he know what to do and how to face it.

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In my opinion, one of the factors for a family business owner to choose the successor for his/her business is to have leadership abilities. In order to communicate well with the employees so that they do their task successfully he/ she should have leadership abilities. Moreover, a successor with leadership abilities may lead their employee always in right tracks and solve the problem professionally.

Next, the willingness of the successor to lead the business also is the factor in choosing the next leader for the business. He/she should have the willingness to step into lead management, role or become the new owner of the business.

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In my opinion, individual factor which related to demographic characteristic is one of the factors for a family business owner to choose the successor.  education of the successor will strong show his/her ability and knowledge in facing the problems and challenges. Lack of ability and knowledge will bring them a lot of troubles and burdens.

Next, another factor for family business owner to choose the successor is family factor. Family harmony  where lack of family conflict will bring a lot of benefit in succession process. This is because relationship between family members is very close and always have a same idea.

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FANG XU JIA (BB 14110197)
In my opinion, one of the factor for a family business owner to choose the successor depend on the character and the capability of the successor. This successor need to consider from the idea of successor to carry out, leadership of the successor, capability to accomplish the business task in a short period and also contingency ability. This factor is critically important because the owner wants to feel that the business will be in good hands when successor steps down.

Secondly, working relationship successor between customers, vendors, employee and whole organization may be the main factor to be consider.  So, owner of family business should choose their successors according their working chemistry with the partners in the organization. This clearly prove the capability and capacity of the successor.

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NUR SALIHAH BINTI ABDUL KADIR (BB14110505

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NUR SALIHAH BINTI ABDUL KADIR (BB14110505

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Based on my opinion, the first factor is individual factor. For example, the son is willingly to replace his father position so that the company will still running in the family and not falls to the other hands.

The other factor is family factor which is the father don’t want any other person to control and lead the business except his own blood.

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In my opinion, one of the factors for a family business owner to choose the successor for his/her business is the individual factors. Demographic characteristics such as gender, age, and education may have an effect on succession as well as successor preferences. At the same time, the willingness of a potential successor to become the new owner of the family business may have an effect as well.

Other than that, one of the factors for a family business owner to choose the successor for his/her business is the family factors. The relationship between the owner and the successor of a family business may bring impact on the success of business transition. Moreover, the structure of a particular family and family dynamics may have an effect on the succession process as well.

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In my opinion, factor that for a family business owner to choose the successor for his/her business is  solid performance and interpersonal skills. The successor has to earn the respect of non-family employees, suppliers, customers, and other family members, often shareholders, whom they will serve and lead.

Another factor that for a family business owner to choose the successor for his/her business is  education. The successor has to join college, industry-sponsored programs, and business schools to gain skills and the confidence that needed to steer a responsible professional or middle which is management career into top management echelons.

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In my opinion, there are two factors for a business owner to choose the successor for her business.

1.In the individual level, some demographic factors such as the owner's age influence successor selection. Business owner's are more likely to deal with issues of risks and uncertainty.

2. Factor of business size. A successor led to an increase in business size of family business income and then the family business had an increase to expand. For example, business owners were more likely to have expand the business by increasing output.

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In my opinion, the factors for a family business owner to choose the successor for his business is the successor must have a wide knowledge about business. The best successor is successor who knows the operation that run by the family businesses. This will help reduce training session and cut the cost for successor in studying the company's operations. Successor with a good knowledge about business can help to develop this family business.

Other factors for a family business owner to choose the successor for his business is the successor must have a leadership’s quality. A successor must have the characteristic of honest, capable, healthy, energetic, passion and confident in running a family business.

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In my opinion, the first factor that the owner wants to choose a successor is depending on the passion of individual to running a business.  It’s because if someone don’t have any interesting to make’ it or running a business it will be effect of company management and so on.

The second factor is about education background and skill. If the individual don’t have education or skill to lead a company it will causes the company will not be able to doing a business or bankrupt, because the person has a lack to make on decision-making when he/his face a problem without know anything how to handle it.

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The two factors that  for a family business owner to choose the successor for his/her business is the technical competency. A successor may not be an expert in every expect in business but at least have the basic understanding in operating and managing the business.

Next, the characteristics of a successor is also important. A successor should have strong interest and initiative to run the family business as well as he/she is able to communicate well with the workers to motivate and nurture the family business.

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Bb14110727

Based in my opinion,Succession is the transferring of leadership to the next generation. It is a process rather than an event. While there is a time frame within which the transition will occur, the actual amount of time taken for the process is arbitrary. It will depend on you, your family and the type of family business you are in. This is a difficult process for most family businesses. The failure to face and plan for succession has been termed the "succession conspiracy" by Ivan Landsberg. He cites a number of forces that act against succession planning.
Firstly,The factor for a family business owner to choose the sucessor for his or her business is Initiation.The initiation phase is that period of time when the children learn about the family business. It occurs from the time the children are born. A child can receive either a positive or a negative impression of the family business. If parents bring home the negative aspects of the business, complaining about it and about employees and relatives, the children will view the business in a very poor light. Other ways to destroy children's interest in the business is to be secretive about it or to convey an unwelcome or a hands-off attitude. There are families in which children are welcome to join the family business, but no one has told them so.
Owners are often cautious about systematically conditioning their children to enter the family business, an attitude that stems primarily from their awareness of individual differences and their belief that their children should be free to select a career path. If you do want your children to enter the business, or at least have that as a career alternative, there are some steps you can take to initiate them into the firm. The first step in motivating your children is to be certain that is what you want. Your lack of conviction about their involvement will be communicated to them. This may be interpreted as doubt about their ability, about the viability of the business or about the potential of the parent-child relationship to survive the strain of succession. Any of these situations can cause your child to lose interest in the business.
Besides, Education.Training or educating the successor in the firm is a delicate process. Many times a parent finds it difficult to train a child to be successor. If so, an alternative trainer may be found within the firm. A successful trainer will be logical, committed to the task, credible and action oriented. These attributes, when tied into a program that is mission aligned, results oriented, reality-driven, learner centered and risk sensitive, will produce a well-trained beneficiary. All of this, of course, is easier stated than accomplished.

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BB14110121

In my opinion, one of the factor for a family business owner to choose the successor for his/her business is the successor must have the leadership abilities. It is important in order to maintain the business activities run smoothly. This will prevent the problem of successor being autocratic and uncaring towards its employees.

Secondly, the successor must have high educational level. Its important in order to monitor his ability to solve problem and gain respect from others employees.

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The first factors is education background. In order to become successor for the business, the heir must have education that suit the businesses.

Next, the second factor is the successor skills and experience. the successor must have skill and experiences to equip to be ready in real workplace.

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BB 14110124
In my opinion, one of the factors are the potential successor’s ability and skill in ensuring the stability of the firm in term of its finance and strategic planning, since it is the most significant matters if the owner want to ensure the longevity of his/her successful business.

Family factors such as relationship to the current leader, relationships to other family members, family standing, current involvement in the family and the birth order of the potential successor have an influence on succession planning.

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a) Family factors
The relationship that exists amid the owner and the successor of a family business could have a large impact on the success of business transition. Other features of a family such as the span of time that the owner-manager of a business and his/her spouse had been married, could affect the succession process.

b) Individual factors
The willingness of potential successor to step into lead management, role or become the new owner of the family business could have an affect.

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One of the factors for family business owner to choose the successor for his/her business is individual characteristics, such as gender, age and education. The higher the education attainment, the probability the family business owner to choose the successor will be increased since he or she has high ability to make decision and solve problem.

Second, family characteristics is also one of the factors for family business owner to choose the successor for his or her business. For example, family dynamics and relationships. The owner probably will find the one who is more close with him or her to become the successor for his or her business since the owner more believe him or her. The closer the relationships and dynamics, they will more cooperate with each others.

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Based on your readings and opinion, give at least two (2) factors for a family business owner to choose the successor for his/her business.