Umami is that magical, almost mythical, fifth taste beyond sweet, salty, sour and bitter. In gastronomy, this Japanese word is associated with balance and savoury delectability. In business, it?s the difference between good and exceptional.
Global drinks company Coca-Cola recently named James Quincey as chief operating officer (COO), a move that has everyone claiming he will become leading internal candidate to succeed CEO Muhtar Kent.
Despite Marks & Spencer (M&S) shares rising to a seven-year high, the retailer has struggled to turnaround its merchandise division. This setback paved the road for John Dixon, who was in charge of general merchandise, to leave the company and head another business.
The finance chief at Unilever, Jean-Marc Huët, is set to resign after five years in the job. Analysts believe that his departure is the beginning of a corporate shake-up.
For many people, the notion of an ‘heir apparent’ or ‘successor’ is usually only reserved for history lessons, or the frenzy surrounding a Royal birth. But when it comes to business – and family-owned companies, in particular – the principle of succession plays a vital part in securing the future sustainability of a business.
It seems that every business index is predicting rising confidence and job creation. But companies now face another challenge – where will the people driving their business forward come from?
Nearly half of British small business owners plan to pass on their business to their children once they retire.
Instead of learning the ropes within the family firm, the fact that so many are now going off to university or college could signal an end to their wish to become involved in the family business and potentially create some real problems over succession.
The royal baby will one day succeed to the throne among much pomp and circumstance. Family businesses need to plan their succession as well, to ensure things go smoothly.
Exit strategy, succession planning ??? call it what you will. Deciding what to do, and when, with your business to provide a secure future ??? possibly a retirement or the basis of a second career ??? is an issue all business owners face.
Henry Amar has worked at family food business RH Amar for 50 years. Last year, he handed over the reins to his son. Here are his seven tips on putting your child in charge.
Q: My daughter and I started a business together 12 years ago. It???s gone from strength to strength, but I find myself handing over ever more responsibility to her. How do I know when it???s time to hand over completely?