18/4/2021
Questions for family business successors
General information
1. Your name: Mykola Lysenko 2. Your age: 26
3. Industry: Coal Mining 4. Location: Ukraine
5. Year of foundation: ~ 2002 6. Age of the owner: 50+
7. Number of employees: 10 office (up to 100, facility) Questions
1. Is your company going through succession within the next 10 years?
Yes, when exactly is unclear, but certainly within ten years.
2. Does your family business have a family council in place?
Yes, we do. But as with many family councils it is hard to describe them since they operate in such a way that is very unique to the individual family. In our case we have discussions that can occur anywhere anytime related to anything.
• Are family council meetings conducted in a formal or informal manor?
Informal
3. Has there been a selection of a clear successor in your business?
Yes, myself and we have spoken about it.
• How much responsibility does the successor currently hold over daily operations?
(Please describe your functions and assign a percentage) 30%, bureaucracy, paper work, secretariat
• Are business strategy decisions made by the incumbent, successor or both?
Both, active discussions take place. I am able to give my inputs but the final decisions are still made by the incumbent mainly.
• If such decisions are made by the incumbent and successor are business perspectives aligned or differ?
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?
Not drastic, Conservative
4. In your own words please describe what you believe contributes to the competitive advantage that family businesses hold over non- family business
family is a stronger unit than a company
5. Are there criteria for hiring family members in your business? (education, experience) education, motivation
6. Are stakeholders aware of your succession plan?
Not applicable
7. Is succession planning part of your businesses overall strategy or are they unrelated?
Unrelated, succession will be covered in the moment that it happens.
8. Do you intend on keeping the business family owned/operated?
Yes, owned and operated.
9. How many years have you been active in your family business and how have your responsibilities evolved?
Two years, responsibilities increased but not drastically. They will in the future.
10. Are your main competitors family businesses or non-family businesses? Please briefly describe your competitive position in your industry.
A mix of non-family, family, state-owned, corporate – competitors. They usually have quantity, while we have quality. We also enjoy a wide list of necessary contacts and clients from being in this regional market from early 2000s.
