How to manage succession in family retail businesses

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Family succession: do you know what it is? Do you want to know if this applies to your type of business?

In short, succession in family businesses is nothing more than the act of transferring who is in charge of a business to another family member. This is the name we give to when a business is maintained from generation to generation. Have you faced or are you facing this challenge?

Today we want to talk more about this topic and understand how it can affect companies, especially retail. What do you think about the idea of ​​learning more about this topic? Keep going.

Prepare your materials for notes and enjoy reading!

SUCCESSION IN FAMILY RETAIL STORE BUSINESSES
As we mentioned in the introduction to this article, this is a term used when the family is involved in the succession of a business. In other words, succession in family businesses involves passing on management from one generation to the next. When we talk about the retail and retail sector, we are referring to the transfer of responsibility and management of the business to children or grandchildren.

It is important to talk about this topic, because this change in reality affects the point of view of negotiations, the change in reality in relation to technology and several other points that can interfere in the management of the business. The important thing is to prepare.

HOW TO MAKE SUCCESSION IN FAMILY BUSINESSES SUCCESSFUL?
Since this is a matter that involves family life and 99 acres database business, it is important that the entire succession process is well established and agreed upon by everyone so that the company does not suffer any consequences during the transition. Therefore, we have put together some tips:

1. TALK ABOUT THIS ISSUE AND MAKE AGREEMENTS WITH THE FAMILY:
Communication is the basis for resolving practically anything in our lives. In this case, it is important that this issue is thoroughly discussed, talked about and agreed upon so that everyone is aligned and always aims for the best for the business.

2. KNOW THE COMPANY WELL:
This is one of the main points for the person who will take on the position in the company. A good manager, regardless of the type of business, is one who understands the needs, who knows the customers and who has a deep understanding of what the company needs to grow healthily. When you take on this responsibility, it is extremely important that you dedicate your time to getting to know the business well.

3. HAVE THE RIGHT PEOPLE AROUND:
A company is made up of people. It is important to be aligned with employees and, if necessary, bring in people you can really count on. For example, if you take over a business and some part of it is not aligned, it is important to look for employees who are in line with the company culture to get the gears moving.

Watch this video from our YouTube channel about succession in family businesses and situations that can apply and improve your business. Click play and check it out!

YouTube video
TECHNOLOGY AS AN ALLY:
Here at Meu Crediário, we have dealt with succession in family businesses among our clients on several occasions, and this passing of the baton can bring many benefits to the store. After all, the person who takes over management is often a younger person who is more in tune with the technological evolution we are experiencing.

Don’t get me wrong. We’re not saying that a young person is better or worse for a store. What we’re saying is that bringing new perspectives to what’s going on can be an interesting change of perspective for someone who’s been following a pattern.

And what do we notice with this scenario? In the case of credit, children enter the business, understand the operation and set out in search of a way to follow it in a more technological way . In fact, this is one of the main factors that make them seek out Meu Crediário to work.

It is important to keep in mind that the maturity of the store has a lot to do with the next stories that the store will tell. I often use the idea of ​​understanding the importance of combining the customer experience with the store. It is essential that store owners stay on top of innovations.

Family succession can indeed be a point of change, but also of renewal. After all, customers will also renew themselves, new generations will buy and will also feel the need to find more automated systems. And, when we understand these movements, we have the chance to win over even more consumers, diversifying age groups and even styles.