Asked by Ja’Juan Clark on Jun 26, 2024
Verified
Ranjiv opened a chain of four restaurants, which are run by different members of his family. Ranjiv outlines the vision, rules, and regulations for the restaurants. He is considering expanding into online ordering for takeout as well as other opportunities. For the restaurants to continue to operate successfully into the future, Ranjiv and his family need to develop a(n)
A) business plan.
B) marketing plan.
C) expansion plan.
D) succession plan.
E) milestone plan.
Succession Plan
A strategy for identifying and developing future leaders within an organization, to ensure continuity in key positions.
Chain Restaurants
Restaurants that are part of a series or network, offering a similar dining experience across multiple locations.
Online Ordering
The process of purchasing goods or services via the Internet, often through vendor websites or applications.
- Recognize the importance of succession planning in family businesses and its challenges.
Verified Answer
GS
Gabriela Sonzogni
Jul 01, 2024
Final Answer :
D
Explanation :
A succession plan is crucial for ensuring the continued operation and success of the family-run restaurants into the future, especially as they consider expansion and new ventures. It outlines how leadership and responsibilities will be transferred within the family to maintain the business's vision and operations.
Learning Objectives
- Recognize the importance of succession planning in family businesses and its challenges.