Family Business Week 5 Ppt

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CASE ANALYSIS ON:Presented By:Harsh MarooMridul Khanna Gunjan BangPallav BansalNistha IntwalaDhriti VoraPresented By:Harsh MarooMridul Khanna Gunjan BangPallav BansalNistha IntwalaDhriti Vora1YES

He was interested in business since the age of 7.He was full time involved in the business since the age of 11 or 12. He was very much clear about strength and weakness of Adams funeral Homes and thus, he could overcome the weakness using the company strength He had started working in Adams as an intern and worked from the basic and so had experiences at all the levels. Moreover, he was an undergraduate in philosophy and religion.Ricks son was least interested in the family business, more interested in politics. Therefore, being young Charlie was the potential successor

Yes, it should happen in the meeting scheduled for the following Thursday. Should Charlie be chosen as the next president of Adams Funeral Homes? Why or Why not? Should this happen in the meeting Scheduled for the following Thursday?In a schedule meeting Charlie's father Robert should bring this topic out that Charlie should be the next president and make a provision where by voting should be casted for the approval where the non family members should be given a right to vote.

What process should be used to arrive at a plan and a final decision? In first step, Robert should be confident for Charlie, and Charlie should be confident enough to be the President. And as there is no potential successor in the company, Charlie has maximum chances to become the President.Secondly, a meeting should be announced in the current scheduled meeting regarding the voting for Charlie to be the President. In the week time he should try to convince the members.For that they should make a separate voting panel. Thirdly, they should ensure that all the members should be present in the meeting and should caste their vote so that there should be no autocracy and biasness.Finally, if voting results are in his favor, there should be welcome gesture for Charlie, If results are against him, they should convince the members for the same.

What actions or steps should be included in that plan?Yes, non family mangers should be considered for the job as there family does not have enough members to look after all the business operations, but there should be periodical check on the mangers as they had a bad experience with one of the manager (When Joseph Adams died in 1997,the company under New non family GM went out of order)On the contrary, when new CFO, former employee of Coca Cola, infused into the business, the business grew well.Therefore, non family members should be considered for the business after imparting orientation.

Should nonfamily managers be considered for the job? Why or Why not?The current position of the company is not so sound and therefore, in order to expand, they cannot afford to give her share. The attempt should be made to convince her that she should not sell her shares and if she persists, bargaining should be done for her part of shares so that there can be some scope of running the operations smoothly and can think of expansion in the future.Succession would as such be smooth because she doesnt own any voting rights. What should be done on the ownership front to support a financially viable transfer and a smooth succession without paying unnecessarily high estate and transfer taxes?