What Are the Four Critical Steps to Consider in Developing

question 20

Essay

What are the four critical steps to consider in developing a succession strategy in a family business?

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Definitions:

Weber

Refers to Max Weber, a German sociologist, known for his work on the bureaucratic model of organization, social stratification, and the study of religion and capitalism.

Bureaucratic Organization

A structured, formalized organizational form that relies on a fixed hierarchy of authority, formal rules and procedures, and a clear division of labor.

Behavioural Approaches

Methods in psychology and management focusing on understanding and influencing actions of individuals or groups.

Self-Actualizing

The realization or fulfillment of one's talents and potentialities, especially considered as a drive or need present in everyone.