A Fourth Generation Family Business
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 eve 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.
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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 tot move Grater’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 will help in the cultivation of harmony. The many skills that come into play in helping the family business involves dealing with the family issue and also dealing with the business issue. 3. I do agree with the Grater’s decision to stop franchising. The main core of Greater
Franchising manufacturing sectors also owes significant risks for the Grater’s, and this is also because the customers will know that it is a franchise. Stopping franchising will also help in having the reputation of the name of Grater’s. It also helps Grater’s management to work and make the product branding and advertising. It allows them also to pursue the nationwide distribution through some large networks of supermarket chains and grocery stores. The Grafters will not have problems such as the reaction with the stock markets, as they will take actions themselves.