Question

Graeter’s current management team bought the business from their parents, who did not have a formal succession plan in place to indicate who would fo what. Do you think the current team should have such a plan specifing who is to step into the business, when, and with what responsibilities? Why or Why Not?

Answer 1

Definitely, Graeter's successors need to have a strategically plan in these days. As the competition is increased comparing to last century- lt IS clearly known that they started a business almost one and a half century ago. The market existed in those days is completely different from the market today No doubt that they took every step in the business with utmost care but the numbers of competitors were less in those days. With their hard work they have grown to international level and they should continue with the same spirit. In those days, they have given importance to do every piece of work personally with great care without using any machinery but along with this the successors or grand children should know about the different market strategies and how they change from time to time. They should be tactful and planned to lead the business with same effectiveness and enthusiasm