Nobody downloaded yet

Family Run Business: Eye Candy - Case Study Example

Comments (1) Cite this document
The author analyzes Eye Candy family-owned business that could be benchmarked for best practice and its stewardship governance systems. It is likely that Eye Candy will remain healthy for years to come if they keep these current values as the business and family norm.  …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.1% of users find it useful
Family Run Business: Eye Candy
Read TextPreview

Extract of sample "Family Run Business: Eye Candy"

Download file to see previous pages The health of this business is compared to the literature on family-owned businesses and from the interview data. Determining the health of business Governance is one part of this business that makes it so successful. It is currently in the growth stage of development that has brought it sales success through the efforts of many family members. When it was founded, Eye Candy was launched under the investment of a first-generation family investor who maintained most of the decision-making. However, due to his traditional leadership style and business focus, Eye Candy was at first losing many sales and was unable to create lasting relationships with the community. The first owner did not want to invest in advertising, marketing or technology improvements and therefore the quality of the brand and its products was not satisfying the local community. In order to make the business succeed, the second generation owner (a father) bought out the first generation owner and created a more successful business model. Succession planning was the product of much family conflict as this family was from a collectivist culture that valued tradition and respect for elders. The original first-generation owner would not consult with family members, which Al Bawaba (2011) identifies as being one of the largest factors that lead to family business failures. This original owner was very authoritarian and wanted to control both operations and accounting practices without the input of others. When it became clear that this leadership failure was causing the business to lose sales revenues, they created a succession plan that honored tradition, but also put the business profit first. “It makes sense for a family that founded a business to continue to be associated with it” (HT Media 2011: 1). The succession plan, after buying out the original investor, continued to include the original owner in some of the business decision-making in honor of tradition. This reduced family conflicts that continued to cause problems with delivering quality service as many arguments occurred right in front of customers. The new governance system included less traditional business practices and more modern philosophy with more investment in advertising and customer relationship management. These changes are due to the input of the younger generation who are very active in decision-making and educated on modern marketing activities. Injecting younger talent into the business has given Eye Candy the ability to create better community relationships and set up a known brand in the local market. Without having input collectively from the family members, Eye Candy would still be losing money. When the original governance system was in place, the company was funneling family expenses through the business model which kept leading to personal losses individually. According to Fitts and Rowe (2011), the best way to maximize company value is to remove all family expenses from business accounting. Under traditionalist family systems, it is common to pool resources, but only when there is a quality decision-maker that can manage all business activity successfully. The losses being taken were not only related to the business but were reducing personal incomes in the process.      ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Case Study Family Run Business: Eye Candy Essay”, n.d.)
Retrieved from
(Case Study Family Run Business: Eye Candy Essay)
“Case Study Family Run Business: Eye Candy Essay”, n.d.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
legrosestel added comment 2 months ago
Student rated this paper as
The topic of "Family Run Business: Eye Candy" is quite often seen among the assignments in college. Still, this essay opens a fresh perspective of seeing the problem. I’ll use the manner for my own research.

CHECK THESE SAMPLES OF Family Run Business: Eye Candy

Family Business

...this goal. The scope of executive coaching activities makes it suitable for guiding leadership transition in family enterprises. The executive coach has to identify key decision variables within the target family business. The distinctive qualities of each family business, as well as the families that run them, raises the possibilities for “nontrivial idiosyncratic differences” (Hartel et al 2009, p.378). It is vital for the coach to identify the dynamics that exist within each individual family business that they work with, and have an understanding of the critical variables that will...
8 Pages(2000 words)Essay

Family Business

...of family business is the truism that it is run by a family, or its majority shareholders is concentrated within a particular family. The necessary element in family business that distinguishes it from other types of businesses is the active participation or management of a family over the business. However, as noted already, the importance of governance is essential for business regardless of its kind (Brezeanu & Stanculescu, 2008). Fig. 4 FOB and Governance This figure shows that family business and governance creates...
44 Pages(11000 words)Research Paper

Peppermint Candy

...the uprising as a soldier. He serves the dictatorial government and tends to uphold the orthodox practice of dictatorship. Yeong-Ho kills a schoolchild. In the real world, the dictatorial military fought against the uprising. This led to mass murder and accidental deaths of innocent bystanders in the same time span depicted by the movie. Historiography as evident in Peppermint Candy serves a crucial role in the society by highlighting the concepts of consciousness and mind. Organizations, governments, individuals and families can understand the motivation behind specific actions by gathering mental experiences within a given time in a process known as consciousness. Additionally, as one studies the mind...
4 Pages(1000 words)Essay

Marketing information to run business

...Marketing information to run business As one of my first tasks to complete upon placement in the management development program at Rufedge, Livlonghas decided for me to determine the type of marketing information that he requires to run his business. The purpose of this task is to make a detailed list of the marketing information that I believe would be useful for marketing decision making and indicate how it may be used. This is going to take some marketing research and, most importantly, a marketing plan. The marketing plan should contain the following sections: Executive Summary, Planned Sales by Month, Vision, Target Markets, Objectives (such as increased sales),...
3 Pages(750 words)Essay

Management Issues For The Family Run Business

...MANAGEMENT ISSUES FOR THE FAMILY-RUN BUSINESS - SHIRLEY PLANTATION Introduction It has been shown that family business is one of the most importantforms of business in the world. Many of the business that are successful now and which have grown to be multinational today have all originated from a family business that has been well management and growing to acquire that status of a multinational business. Family business have been shown to be some of the most successfully businesses due to their style of management and the...
10 Pages(2500 words)Case Study

The Success of Family Run Tourism Agency the field of tourism has become a norm. ‘An increasing globalization and the emergence of new tourist destinations worldwide have created a changing nature of competition’ (Nordin, 2005). Therefore, tourism as a family run business needs to be redefined in term of changing global values and the study would be designed towards exploring the factors that affect the success of a family run online tourism agency business. 1(a) Statement of the problem In recent times, there has been great mushrooming of these travel agencies and the tourism industry has flourished at an unprecedented rate. With the competition becoming tougher...
6 Pages(1500 words)Essay

Management issues for the family-run business

...Management Issues for the Family-Run Business A family-run business is characteristically the business that more than 50% of the shares are owned by members of the same family, or one that inherited to the generations of the same family. Organizing, leading and working in a family business can fetch precious benefits when comparing to other businesses, that is, from better faith among personnel to improved flexibility. Efficient management is foremost otherwise there can be problems such as poor communication to conflict regarding...
8 Pages(2000 words)Essay

Short Run and Long Run Strategies in Business

... Introduction A business is any activity that is carried on with the perspective to gain something from it. Different types of businesses have different approaches to earn these profits and these approaches would be identified later on in this paper. This paper would also concentrate on how business focus changes in the long and the short run and what strategies are implemented in the short run to achieve the long run goals for any organization. Short Run Strategies It is important to define what the short run is because what may be the short run for one industry is not the short run for another industry and hence it is important that a clear and concise definition of the short run us given. The short run is a period usually... in which...
6 Pages(1500 words)Essay


...Running Head: Eye Eye [Institute’s Eye Introduction Eye is an organ that acts in response to light for numerous reasons. The eye has three layers, surrounding three translucent structures. The outermost coating is formed by the cornea as well as sclera. The middle coating is formed by the “choroid, ciliary body and iris” (Mets, 2012). The innermost layer is the retina, which acquires its circulation from the “vessels of the choroid as well as the retinal vessels” (Mets, 2012). These layers contain “aqueous humor,” the “vitreous body,” and the “flexible lens” (Mets, 2012). The aqueous humor is a clear fluid enclosed in the frontal chamber...
1 Pages(250 words)Essay

Family and Non-family Business

...Family and Non-family Business There are many differences between family and non-family businesses and these are often related to the management of these firms. Among these is that the CEOs in family businesses tend to be older than those in non-family businesses and this is normally as a result of the former being owners of their firms. This is especially the case with such long running family businesses as WWE where the Vince McMahon has been the head of the company since its founding and this will likely be the case...
3 Pages(750 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Case Study on topic Family Run Business: Eye Candy for FREE!

Contact Us