8/4/2021
Questions for family business successors
General information
1. Your name:Samuel Hencel 2. Your age: 26
3. Industry: Property Managment 4. Location: Slovakia/Czech Republic 5. Year of foundation: 1990
6. Age of the owner: 62+
7. Number of employees: 2 Questions
1. Is your company going through succession within the next 10 years?
Yes, will undergo succession within next ten years, when exactly remains to be seen and depends on how early the incumbents plan on retiring and giving me full responsibility. I believe that I can be ready for taking over fully within the next two years if necessary.
2. Does your family business have a family council in place? Yes, we do have a family council. For me personally I don’t know how to explain it fully because it is a complex subject and I do not know how other family companies conduct theirs.
• Are family council meetings conducted in a formal or informal manner?
Informal we discuss most things when we are together. For example when we spend a day with the family or in the evenings at home, when I’m there.
3. Has there been a selection of a clear successor in your business?
Yes, myself. My sister does not want to be the main operator even though she is older.
• How much responsibility does the successor currently hold over daily operations?
100% Assigned property manager in operations- all related with the property.
(Please describe your functions and assign a percentage)
• Are business strategy decisions made by the incumbent, successor or both?
Both, we discuss important decisions and then try to reach a conclusion which suits me and my father. It is then presented to the rest of the family. Recently, I can make more decisions than I could before since I am more active in the family business these days. In the past I would have little influence and would find out about the decision after it has been made.
• If such decisions are made by the incumbent and successor are business
perspectives aligned or differ? Consensus needs to be reached, most of the time our views are aligned.
• Will you make drastic changes to the business strategy after the transfer of
ownership has been completed? If so would you describe the strategy you plan on implementing to be more aggressive or conservative than the current one?
No, It will continue as it has this far. At least for the time being.
4. In your own words please describe what you believe contributes to the competitive advantage that family businesses hold over non- family business.
Environment and real commitment. Trust and loyalty. Mutual Respect.
5. Are there criteria for hiring family members in your business? (education, experience) Yes, as if hiring externally, same kind of educational qualifications are necessary to enter.
6. Are stakeholders aware of your succession plan? YES, NO SECRET
7. Is succession planning part of your businesses overall strategy or are they unrelated?
They are unrelated. Succession is seen as a natural process that will occur and addressed in that moment.
8. Do you intend on keeping the business family owned/operated? Both owned and operated. It is my way of generating income and therefore plan on continuing it and passing it on to the next generation if possible.
9. How many years have you been active in your family business and how have your responsibilities evolved? All my life. However the last ten years have been the most important in terms of developing myself and gaining more responsibility over the business.
10. Are your main competitors family businesses or non-family businesses? Please briefly describe your competitive position in your industry. Competitors are mostly non-family businesses, our position is based on offering lower prices to customers by a significant margin and therefore do not have any real competition.
