By Alan L. Carsrud
Family-owned and controlled organizations are usually beset via numerous crises which could impression the firm’s very survival. those might contain alterations in know-how, deaths of severe relatives, festival inside of an business region, shifts in marketplace dynamics and product mixes, monetary turmoil, political upheaval and revolution, enterprise development, succession, and choosing new enterprise management. Such crises could be inner to the company or a functionality of the exterior atmosphere, and several other may perhaps happen concurrently; them all give a contribution to a context of uncertainty, chance, and alter, proposing specific demanding situations which are distinctive to family-owned businesses.
This quantity offers 8 in-depth case reviews of family-owned companies that signify quite a few industries and events. every one case explores the dynamics of dealing with in chaotic environments and the way relatives management replied to crises. classes realized from those reviews can help readers know how to resolve difficulties less than stipulations of uncertainty and the way to prevent failure, whilst the survival of the enterprise is at stake. that includes questions and studying notes designed to interact the reader without delay, this quantity should be a useful assets for college kids and contributors of entrepreneurial and family-owned organisations, in addition to specialists, traders, and different expert advisors.
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Extra resources for Understanding Family Firms: Case Studies on the Management of Crises, Uncertainty and Change
However, the company 36 5 Case Three: Michael Window & Shutter Company – Disputes in Running… remained relatively small and was seeking ways to expand. MWS’s weakness was the lack of a union. Not having a union prohibited them from placing bids on all federal government contracts and many large-scale private projects. At that point there were only three local companies with a union. In an effort to compete and expand, MWS decided to acquire one of these companies. It was a financial gamble that later paid off when one competitor union went out of business and the other union dissolved.
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