TSMA Yearbook 2018

49 Taiwan Sporting Goods Manufacturers Association at the command. Without a doubt, the future will be more and more favorable to well-organized companies that will produce affordable products for expanding markets. To ensure a secure future for the business, the entrepreneur must constantly evaluate the impacts of technological development, the evolution of market of goods and services, the evolution of consumer tastes and desires. Below are some of the questions that the entrepreneur should be thinking about the future: - Will the products and services now I offer are still required for 10 years? - What will be the effects of globalization on my company? - What opportunities offer me the future to develop my company? - What will be the skills that my company will need in the future? The accuracy of these and other analysis will be the good practice needed to ensure a non- traumatic transition at the time of succession. The successor The situations of succession to the entrepreneur- founder of the company can be varied. Here are some examples: - No heir in the family - The only child - Several children No heir This opportunity allows the entrepreneur who wants to ensure the future of the company more choices: - Assign the company to third parties known and estimated - Foster an MBO (management buyout) for the managers inside of the company - Offer an MBI (management buying) to esteemed managers from outside of company In any case, the assessment of the tangible and intangible assets of the company will come into play decisively. The only child Apparently, it is the simplest situation, but it is also the one that may have more pitfalls. The only child is often predestined from birth to the succession. However, many times the attitudes and aspirations of the designated successor does not coincide with the needs of the company. For example: - The successor may have a little vocation for the management of family business: ability, dedication, persistence, constancy, motivation, foresight, etc. - The successor cultivates other ambitions and other visions of his future