A Fourth Generation Family Business
Graeter's: A Fourth-Generation Family Business
Student’s Name
Institution Affiliation
Graeter's: A Fourth-Generation Family Business
1.
Most families have challenges in planning for business succession, and yet planning is a crucial opportunity to maximize opportunities and create some multigenerational institution that can embody the founder’s values and missions long after he or she is gone. The current management team should have a plan that specifies who is to step into the business. This is because there is a need to have a plan in the management succession, ownership succession, and leadership succession among other responsibilities. The current team should have a plan in management as the business require focus on key sectors such as administration and finance, customer fulfillment and operations, sales and marketing. Such needs a family member who have skills and passionate about making the family business an asset worth preserving. Senior generations should have transfer plans to the junior generation in the family such that ownership is not lost. This will also help in solving issues such as technical mistakes, planning in some vacuum and the challenge of treating children equitably. Therefore, the current team should have a plan to specify who is to step into the business, especially in responsibilities such as ownership, management and leadership among others.
2.
The management made the decision because they want to solve some particular problem that they either don’t have the time or the expertise to solve. Therefore, consultants will be the best to solve the problem of training and also implement the solutions. Consultants may also help the management team to define the problem they encounter and assist them reach their own conclusion. The involvement of the outside consultants does not move Graeter’s from its roots as a family business. This is because the consultants will be brought in to solve some problem in the business. This
Student’s Name
Institution Affiliation
Graeter's: A Fourth-Generation Family Business
1.
Most families have challenges in planning for business succession, and yet planning is a crucial opportunity to maximize opportunities and create some multigenerational institution that can embody the founder’s values and missions long after he or she is gone. The current management team should have a plan that specifies who is to step into the business. This is because there is a need to have a plan in the management succession, ownership succession, and leadership succession among other responsibilities. The current team should have a plan in management as the business require focus on key sectors such as administration and finance, customer fulfillment and operations, sales and marketing. Such needs a family member who have skills and passionate about making the family business an asset worth preserving. Senior generations should have transfer plans to the junior generation in the family such that ownership is not lost. This will also help in solving issues such as technical mistakes, planning in some vacuum and the challenge of treating children equitably. Therefore, the current team should have a plan to specify who is to step into the business, especially in responsibilities such as ownership, management and leadership among others.
2.
The management made the decision because they want to solve some particular problem that they either don’t have the time or the expertise to solve. Therefore, consultants will be the best to solve the problem of training and also implement the solutions. Consultants may also help the management team to define the problem they encounter and assist them reach their own conclusion. The involvement of the outside consultants does not move Graeter’s from its roots as a family business. This is because the consultants will be brought in to solve some problem in the business. This