PROBLEM STATEMENT:
A family business required assistance with transitioning responsibility of the business from the current to the next generation in a process driven and step-by-step manner to prevent disturbance to the business.
SOLUTION:
To assist with this transition, TriChambers worked with both the previous and the incoming generation to first ensure alignment amongst the leadership on business objectives and its survival. Post which, a handover plan for the next 5 years was created which ironed out the responsibilities and the training that the incoming generation required each year. The plan also focused on identifying an exit plan for the exiting generation in a smooth manner which would ensure periodic involvement and strategic intervention
IMPACT:
As an outcome of the plan, the transition process is ensuring active involvement of the incoming generation, smooth transfer of key roles and relationships, incremental changes to the business to suit the incoming generation’s vision, as well as maintenance of family relationships despite situational conflicts