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From Swords to Ploughshares: Three generations of Family Entrepreneurship, Conflict, Transition, and Connection - Case Study Example

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Issues on Conflict, Transition and Connection in the Company with Close Family Relationships September 4, 2011 1. Describe how successful the business has been at recognizing and satisfying stakeholder interests The McNeely’s companies have become more successful once they started listening and respecting each other…
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From Swords to Ploughshares: Three generations of Family Entrepreneurship, Conflict, Transition, and Connection
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Download file to see previous pages There should be a decision-making respecting and elegantly realizing what each party insists on in order to omit some detrimental outcomes. Definitely, in case with McNeely, the business grew upward once they realized the need for the outside professionals having no family ties and managing things in an up-to-date way with no great ambitions for his/her share in the company. The need for equal partnership between siblings was the way out. Thus, the division of Space Center Inc. has become too vital to resolve the problem of holding shares between all parties. In this way, Don’s strategic solution for involvement of new participants from different circles of business and financial elite outside the family made it possible that the inner conflict began decreasing eventually. Finally, by recognizing and satisfying stakeholder interests, there is no place for contradiction among the family members and parties joining the company from outside. On the part of Don and Harry, it was a constructive decision that they engaged into multifaceted interaction among the senior staff members letting, therefore, no place for destruction within the company. 2. Describe the mechanisms that are available to manage relationships with stakeholders and to influence the strategic direction and performance of the company. First off, one of the main mechanisms to make sure the company drives toward the effective management of relationships between stakeholders is diversification and delegation of power on equal basis and with the goal toward positive result even though the family-related CEO is fired. Making the board’s decisions independent in terms of CEO election even though the company is run by McNeely’s made it close to the overall consensus was needful to assure the board members in their quite eligible and weighty role in the company with the right to vote freely. On the other hand, disseminating family members with outsiders well-experienced in the field of management and business affairs gave grounds to stopping conflicts within the McNeely family. Dividing the company into two and then three companies owning, in turn, a host of subsidiaries let the family be closer to business issues rather than to family disintegration into it. It was outside directors who “developed concerns about the three-entity structure” (Carlock & Florent-Treacy, 2009, p. 212). Hence, they did what was challenging earlier, namely cohered all significant sectors of the company under a set of goals encouraging and respecting interests of family members and the board of directors as well. Moreover, strategic direction and performance of the company got better with the restructuring and transition of power. It gave the third-generation successor more opportunities to make everybody sure in the positive feedback thereafter. Thus, Paddy’s sincere will to keep up with all stakeholders in close relation to the company’s statute and universal managerial perspective gave him a chance to succeed and raise the company on a qualitatively new level. 3. Explain why you think the board of directors for Space Center Enterprises was or was not successful in fulfilling its governance role and in meeting the challenges it faced. The board of directors was successful in fulfilling its governance role and in meeting the challenges it faced due to the fact that it wanted to hear clear strategy from Harry and Paddy McNeely. It was quite necessary in ...Download file to see next pagesRead More
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