Nobody downloaded yet

Family Own Business - Essay Example

Comments (0) Cite this document
Summary
This report talks about family businesses which have always been an integral part of every economy whether developing or developed. But at present the segment is being defined as one of the most significant and unavoidable facets in the industrial sector…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.2% of users find it useful
Family Own Business
Read TextPreview

Extract of sample "Family Own Business"

Download file to see previous pages However, the prime objective of the paper is to generate a transition plan for the company with an aim to increase its business’ success rate. Torrini: A Family Owned Business Torrini is remarked to be a dignified name in the family business sector of Europe and is based in Italy. It is one of the ancient family business firms in the county which has flourished for a period of six centuries. The firm produces various kinds of fashionable, high priced jewelleries ranging from rings and precious stones to luxurious watches and even perfumes (Torrini, n.d.). History of Torrini The establishment of Torrini as a jewellery designing, producing and marketing firm can be recognised during the 16th century. However, its roots lay in the 14th century, in 1369, when Jacopus Torrini the founder of the firm settled in Florence as a forger of armour. With the growth of the economy and also due to the transformation in the lifestyle preferences of the county people, Jacopus Torrini initiated to diversify his business in the production of unique and luxurious fine jewelleries (Torrini, n.d.). Since 600 years, the firm has provided a few noteworthy contributions to the creative industry in Italy and other economies of European region. Presently, it is categorised as one of the most prestigious and successful family owned businesses in the region. Subsequently, the management responsibilities have been solely on the family heirs. In other words, the skills, knowledge and creativity were handed down hereditarily to design Torrini products. The firm in the present context is supervised under the leadership traits of Frabrizio Torrini. The other family members having a...
This essya stresses that while executing the transition plan the leaders should provide extensive consideration to the conflicts likely to arise among the family members including the potential heirs of the business. In this regard, the leaders need to depend entirely on their conscience and knowledge due to the fact that there are no specific theories prescribed to manage a family business and the conflicts arising during transitions. Torrini, as a brand holds remarkable potential to create strong impulse on the targeted customers.
This paper makes a conclusion that family business groups have gained considerable significance in the modern era due to their remarkable inclusion in the economic growth. After the recent economic downturn, the western economies including the European economies have started considering family business units as a crucial element to stimulate their growth providing wider scope to the family business entities. However, the leaders of family business entities are often recognised as reluctant to adopt change due to the fear of losing control and/or disturbing the values preserved in the business’ operations. This can also be identified in the case of Torrini. On the contrary, in the case of Swarovski the business has adopted a modern and strategic technique to ensure the growth of the brand without disturbing the interests of the family leaders and the heritage of the brand providing its wider scope to prosper. ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Family Own Business Essay Example | Topics and Well Written Essays - 3500 words”, n.d.)
Retrieved from https://studentshare.org/business/1412769-family-own-business
(Family Own Business Essay Example | Topics and Well Written Essays - 3500 Words)
https://studentshare.org/business/1412769-family-own-business.
“Family Own Business Essay Example | Topics and Well Written Essays - 3500 Words”, n.d. https://studentshare.org/business/1412769-family-own-business.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Family Own Business

Family Business

...? FAMILY BUSINESS Registration Number: Degree: Module Word Count: 2185 words FAMILY BUSINESS Introduction The family business is an enterprise governed and managed for the purpose of pursuing and developing the vision of the business “held by a dominant coalition controlled by members of the same family or a small number of families” (Shepherd & Haynie 2009, p.1245) for its potential sustainability across generations of the family, sometimes in business association with some of its extended families. Most definitions of...
8 Pages(2000 words)Essay

Family Business

...? The Proposal Form Programme:. B.Sc. Business Management. Academic Year: 11 Project Governance issues in a family business. Overall Aim: The research paper intends to discuss governance issues in a family business considering the conflicts and advantages involved. Specific Objectives. (Research objectives, tentative hypotheses/research questions.) Effective governance in a family business is what makes that business successful. It is vital for the family and the owners of the business to implement efficient governance through policies, meetings, and strategies that help...
1 Pages(250 words)Research Proposal

Family Business

...is observed not only in the United States and in Europe, but it is also an event that has become perceptible in China, Japan and other Asian countries (Steier et al., 2004). As such, it can be claimed that there is a pervasive participation of families in the establishment and management of economic institutions that redefines the role of families in economic organisations and activities as well as in organisational life (Aldrich & Cliff, 2003; Morck & Nakamura, 2003; Steier et al., 2004). In this context, family owned business (FOB), just like non-family owned business, requires effective governance for...
44 Pages(11000 words)Research Paper

Starting Your Own Business

...? Starting Your Own Business Executive Summary The business plan of providing urban casual wears for men and women with specialization in fashionablegarments is an effective opportunity to attain growth along with sustainability among the leading clothing retailers in the New York market. The store will focus on the local market and will concentrate especially upon the merchandises that are desired by the young population within the New York City. The business will start with a finance of USD 20000 from own capital of the owner along with business loan of USD 25000. The overall starting cost of the business will be USD...
7 Pages(1750 words)Essay

Family Business

...FAMILY BUSINESS Introduction There are many forms of businesses. A business can be sole proprietorship, a company, or with other forms of ownerships. A family business can be described as a company or any other business which is owned, operated and controlled by family members. The family here can be one family or several families it can be a nuclear family or an extended family. 1A family business can be defined as a business the is governed and managed on a sustainable and potentially cross generational bases in order to ensure that the business achieved a formal or implicit vision that has been held by the family member. 2This means that a family business is based on a vision that is held by all the family members. History has... ...
7 Pages(1750 words)Essay

Simulation

...How Aunt Connie's Cookies could use cost accounting systems to determine its product costs and Section # of How Aunt Connie's Cookies could use cost accounting systems to determine its product costs Aunt Connie's Cookies is the name of the brand that is known to be found similar in meaning to some delicious food, in particular the lemon and real mint cookies flavor, in areas wherever it exists today. Maria Villanueva. This is the family own business, initiated by Connie Rochoa, and the current CEO I her grand-niece Maria Villanueva. In one of her strategic moves, she formed a team that was responsible for the decision making pertinent to contribution margins and the operating profits of the firm. The business... terms, the application...
3 Pages(750 words)Essay

Family business

...to assess overall and individual performance of an individual in the organization. The basic KPIs used by family owned businesses could be: Financial ratios, these are good indicators of how well the business is doing financially. This is because the biggest risk in a family business is the mismanagement if finances and useless spending by family members on their personal affairs. Measures such as sound financial reporting and analysis can allow the organization to keep a check and balance on the performance of both the company and the individuals working within it. Pay for performance is also another way to measure good...
13 Pages(3250 words)Essay

Mind You Own Business

...and manage the quality and cost of health care (Themedica, 2006). Due to the global financial crisis, health care managers must employ good management skills in determining the services to offer, the costs to incur and how to allocate the funds. They are they creating more focus on preventive and comprehensive care services for enrollees and their families. Careful and considerate allocation of funds and economic management of the funds ensures that the operational costs are reduced without reducing the quality of service offered. Despite the health sector being a business, it does not operate like a typical business market. In a normal market, the consumer chooses what to take from the...
1 Pages(250 words)Essay

Family Business

...Conclusion This paper examines family business succession in relation to business continuity, thus resulting into previously designed conceptual framework on succession. From the study, it can be deduced that, successful family business transfer is affected through contributions by owner, successor and family environment. Additionally, the study reveals that successful transfer ensures existence of good relationship between owner, successor, environment and transfer to future generations. Family business is considered as a crucial component of economic development as well as economic transformation (Kuratko and Hodgetts, 2004). The paper focuses on how successful transfer will ensure family business continuity. There is detailed... ...
3 Pages(750 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 for years to come....
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 Essay on topic Family Own Business for FREE!

Contact Us