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Page Category: Surveys

Transfer of Business to Next Generation

Transfer of Business to Next Generation Leadership and Successors – Survey

December 17, 2018
InterSearch Worldwide

Transfer of Business
to Next Generation Leadership and Successors

InterSearch launches new international research which will reveal how owners of companies in your country see the transfer of power to successors and what difficulties they face. We would be grateful if you participated in the survey.
It will not take you more than a few minutes! We guarantee the anonymity of the survey and we are willing to send you the results.
Thank you very much!

Step 1 of 6

16%

What country do you own a business in?*
What area of business does your company specialize in?*
- Retail & E-commerce
- Manufacture
- FMCG
- Construction and Realty
- Medicine and Pharmaceutics
- IT and Telecommunications
- Agriculture
- HoReCa
- Transport and Logistics
- Consulting
- Marketing, Advertising, PR
- Fashion
- Fuel and Energy
- Insurance
- Other
Please type your answer*
How many people does your company employ?*
- Under 100
- Between 100 and 1,000
- Between 1,000 and 5,000
- Between 5,000 and 10,000
- Over 10,000

Are you preparing a successor for your position?*
- Yes
- No
- Haven't thought about it yet
In your opinion, who should take over the business when you retire?*
Please select all that apply
- My children / immediate family member
- External manager hired from outside the company
- Internal successor who has been developed from within the company
- Board of Directors
- The strategy is to sell my business by the time I retire
- Other
Please type your answer*

Why do you think that the business should be run by a member of your family?*
Please select all that apply
- Because I want it to be a family business that is passed down from generation to generation
- Because my relatives are talented
- Because it is easier for me to establish communication and ensure direct feedback
- Because I trust them
- I do not think my business should be run by a family member
- Other
Please type your answer*
How do you see the process of preparing a successor who is a family member?*
Please select all that apply
- He/she should obtain a degree abroad
- He/she should have an MBA or professional qualification
- He/she should start working for the company as soon as he/she graduates
- He/she should develop some international experience by working in foreign companies
- He/she should obtain some professional experience by working for other companies of the same country
- He/she should start with the lowest position in my company and work their way up the career ladder step by step
- He/she should start working in the key leadership position in my company straight away
- I do not approve of the business being run by the family / I am not going to pass the business down to a family member
- Other
Please type your answer*

Why do you think that the business should be run by an externally hired manager?*
Please select all that apply
- Because this way we can find a better qualified independent leader
- Because this way I will be more unbiased in assessing professional experience and qualifications in response to the role requirements
- Because none of my family members are interested to take over the business
- I do not think the business should be run by an externally hired manager
- Other
Please type your answer*
In your opinion, how long does it take to develop a successor?*
- Less than 1 month
- 2-3 months
- 4-6 months
- 7-12 months
- 1-2 years
- 3-5 years
- More than 5 years
What are the main requirements for your successor?*
Please select all that apply
- He/she should have grown professionally inside the company
- He/she should have long-term management experience
- He/she should have some work experience in the same business area
- He/she should be over 40 years old
- He/she should be under 40 years old
- He/she should have a large professional network & relationships inside the company
- He/she should have a brilliant reputation in the external market/industry
- He/she should share my company's values, leadership principles and comply with the corporate culture
- He/she should be of the same views as for the strategic development of my business
- He/she should have some experience in reorganising a company
- He/she should have some entrepreneurship experience
- He/should speak foreign languages
- He/she should be a family member
- Other
Please type your answer*
Will you be ready to trust your successor if he/she does not share your development strategy?*
- Yes, if I am confident of his/her abilities
- No, I am confident of my strategy
Will you be ready to agree with your successor if he/she changes the team?*
- Yes, if I am confident of his/her abilities
- No, I am confident of my strategy

What actions do you find reasonable when passing the business down to your successor?*
Please select all that apply
- Hiring a mentor/a coach for the period of decisions making and reorganisation
- Creating a special Executive Council of Managers who would support my successor
- Developing a system of control & governance
- Organising an owner department
- Other
Please type your answer*
What tools of financial incentive are you ready to consider for your successor?*
Please select all that apply
- 100% financial ownership
- High Salary exceeding an average in the market
- Option programme
- Annual bonus
- Benefits for the employee and his/her family
- Shareholder, options or equity in the company
- Other
Please type your answer*
How will you be searching for a successor?*
Please select all that apply
- I will be choosing a successor inside the company
- I will choose executive search agency to look externally
- I will be seeking advice from acquaintances
- I have my own list of candidates
- I will announce an open competition with an unordinary task – do sure what they mean by this?
- I will pass the business down to a family member
- Other
Please type your answer*

Is the successor's gender important for you?*
- Yes, I will pass the business down to a man
- Yes, I will pass the business down to a woman
- No, it does not matter to me
- No, but other things being equal I will pass the business down to a man
- No, but other things being equal I will pass the business down to a woman
What tools will you use if you are to choose only one of several successors?*
Please select all that apply
- I will create a strict selection criteria to assess suitability
- I will assess professional work experience & performance reviews
- I will hold an assessment centre
- I will gather 360 degree feedback and references
- I will consult independent executive search specialists
- Other
Please type your answer*
If you have already chosen and are now preparing a successor, what difficulties did you face?
Please select all that apply
- It was hard for me to find the right candidate
- The team is biased against a new manager and my retirement
- I lack experience of reorganising the company's structure
- It is very difficult for me to delegate the management, I have to control everything
- It takes my successor a long time to learn
- My successor does not share our corporate values
- My successor makes unpopular decisions
- The business's income has decreased
- Other
Please type your answer*
Thank you for taking part in the global survey.
Please type in your email address below in case you wish to receive the results.
Our survey is entirely confidential, and we only store your email address until you receive the survey results. Your email will be deleted automatically afterward.
Phone
This field is for validation purposes and should be left unchanged.

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