The ‘Success Through Succession’ (STS) Project aims to strategically assist family owned and family related SMEs to manage the challenges of succession and to increase innovation, growth and competitiveness using a series of interventions. The Interventions will be made available online to other family owned businesses, therefore enhancing the capabilities of other SMEs throughout the region. The project will increase the survival rate and growth potential in family owned SMEs across the eligible area.
The project will focus on and endeavour to address and overcome these challenges of succession by providing changes in organisational structure, people and processes and through this promote a culture of organisational change and innovation throughout all levels of the business.
Key Project objectives are:
· To establish regional succession planning hubs providing cross border expertise training, and in-house mentoring to support newly formed governance structures for the family and the business;
· To contribute to a dynamic economy through the development of innovative approaches to ownership/management in family owned SMEs;
· To build capacity within the regional SME sector to increase, enhance and sustain regional economic development;
· To ensure the sustainability of the project by utilising the participant companies as future ambassadors to encourage other family business owners across the regions to adopt a proactive approach to succession planning incorporating innovation, change and growth as part of their company strategy;
· To create a wide range of additional entrepreneurial firms as an option for future ownership where family business owners have failed to identify a successor e.g. management buy outs, social enterprises or family business investment groups;
· To address skills deficits and provide SME owner/managers and their teams with the knowledge and skills to effectively address succession challenges;
· To increase capacity to absorb external knowledge within participant organisations;
· To increase uptake in knowledge transfer activities e.g. via research centres and third level higher education institutions.
Each Company will receive, (per cohort):
· 5-8 mentoring support sessions per company
· Family business and innovation audits completed before and after.
· 3 workshops based around the issues of succession
· 1 family business conference to present results of the project to the regions SMEs
· 2 best practice visits
· Increase the overall support received by participant companies from support agencies, colleges and universities during the lifetime of the project.
· A Succession Plan
· Plus more in terms of networking and development of markets.
To find out more, book a place at one of the upcoming information events:
· Wed 6 April 2011
· 5pm – 7pm
· Four Seasons Hotel, Coolshannagh, Monaghan
· Northern Ireland
· Wed 13 April 2011
· 5.30pm – 7.30pm
· Ramada Plaza Hotel, Shaws Bridge, Belfast