StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Legacy Business Project - Essay Example

Cite this document
Summary
In most cases, there are individuals who start organizations with an intention of continuing them as family businesses. In certain instances family members, for example brothers, come…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.7% of users find it useful
Legacy Business Project
Read Text Preview

Extract of sample "Legacy Business Project"

Legacy Business Project Legacy business is one of the most common forms of business ownership around the world. In most cases, there are individuals who start organizations with an intention of continuing them as family businesses. In certain instances family members, for example brothers, come together to set up a business enterprise and run it as a family business. However, in some cases, family business often fails after the death of some important member of the family who also played critical role in the family business.

The failure often results from poor management and unconscionable share distributions demand by remaining partners. Completing legacy business project on Cliff’s hardware instilled in me clear knowledge about systems and agency or stewardship surrounding family businesses. Completing the project made me realize the family business system is comprised of three mutually dependent and overlapping groups, which include the family, business and ownership. The overlap creates numerous groups within the family business with varying opinions, interests and objectives.

Besides family owners, there are family members, family employees, family owner-employees, non-family owner employees as well as non-family employees. For example, we found out that Cliff’s hardware family business is managed by the family members including Martha Asten and Terry Asten Bennett, who has been Cliff’s Variety manager since the 1990s. There are also employees, who are not part of the Asten family. Based on the research, it was clear that the probability of a family business transitioning successfully from the first to the second generation is usually slim and grows slimmer as the business progresses to successive generations.

Like in every business, family business is not immune to the issues of stewardship of agency. The interest of the family business must be protected because the overlapping groups with varying interest and opinions try to push for their own ends. A healthy family system is usually advantageous to the family business while a broken family system will negatively impact the health of the family business. Trust is often a critical ownership tool in family businesses. Holding regular meetings is crucial for the growth and survival of legacy businesses because it creates a platform for discussions beyond the confines of boardrooms.

For example, in our project during our attempts to reach Martha, a second-generation member of the family business, we were told by Frank, an employee at Cliff’s that Martha and other family members were busy preparing for thanksgiving. Perhaps, Cliff’s used thanksgivings as a platform to preview their achievement and set clear where they want to be after a given period of time. The success of every business relies on how hard the owner or owners of the business enterprise work. Family businesses are not insulated from this.

All the family members play crucial role in ensuring that the business is a success. Every member of the business must play and active role in ensuring that the organization meets its preset objectives. The family members as well as employees who are not members of the family are agents of the business. Because of varying objectives and ideologies, agency problem usually emerges, thus the need to incur agency costs just like other forms of businesses. Despite the fact that trust is the backbone of most family businesses, there is need to employ independent auditors and ensure good remunerations to the employees, including family members working for the business.

As such, the project endowed me with vast ideas about successful running of legacy business.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Legacy Business Project Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/business/1672010-legacy-business-project
(Legacy Business Project Essay Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/business/1672010-legacy-business-project.
“Legacy Business Project Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/business/1672010-legacy-business-project.
  • Cited: 0 times

CHECK THESE SAMPLES OF Legacy Business Project

Identifying Success Factors of Implementing ERP in Small Organisations

hellip; The purpose of this study is to determine the factors that influence the success of an Enterprise Resource Planning (ERP) system implementation project at small organisations.... The findings of this study identified the success factors, grouping them into three chronological categories; project foundation, project team, and project implementation.... Examples of such factors include strategic visioning/planning, management support, project management, and training....
63 Pages (15750 words) Dissertation

Commercial Realities in Project Management

project evaluation .... project management is a discipline that involves management of resources in a project to achieve the set goals and objectives.... project managers' plan, organizes, and controls all the activities of the project to realise the set goals.... The project must be appraised by use of various methods to determine its viability.... This project will involve large sums of money, and many logistics must be put in place....
15 Pages (3750 words) Coursework

Project Plan: HighTech Data Collection Company

he scope of this project plan covers how this business will react to increase demands of the business.... The company basically combines data from various operating systems and builds an intelligent engine of Web Analytics to convert islands of data into useful information for business users.... The company basically combines data from various operating systems and builds an intelligent engine of Web Analytics to convert islands of data into useful information for business users....
4 Pages (1000 words) Assignment

Roles and Responsibilities in Project Management

This… In the project's initiation phase, a project Manager has been assigned to define the responsibilities of the project steering committee and the ect team in line with their involvement in the different phases of the project management life cycle, as well as with their contributions to the different knowledge management areas of project management.... With available staff, personnel are chosen to perform key roles in the project as end-user, business analyst and team leader....
10 Pages (2500 words) Essay

Issues in Software Methodologies

I acknowledge all the previous researchers' efforts that have enabled me to write this report.... Without the stepping stones laid by them, I could not have… I sincerely, thank all of them. ... ... also my mentor, Dr.... _____ has been my lighthouse.... In the ocean of knowledge, not knowing where to start and when to stop, without her direction I would have landed up miles away from my desired destination....
17 Pages (4250 words) Essay

ERP Implementation Issues

The author analyzes three candidates for the project manager and according to the requirements specified by Jean Roberge the person who is most suitable for the job is B.... nbsp;… Poor communication between the project lead and the various functional heads is a recipe for disaster.... There should be proper communication in order to ensure the success of the project.... In my opinion, two things need to be done immediately – the first is that ownership of the project should be taken by business; IT person should only help as finally the business will not be done by IT persons....
6 Pages (1500 words) Case Study

Acme Medical Imaging: Case Analysis

How does project success fit into overall financial viability for the company?... he success of the project will leave a very positive impact on the margins of the company for the fact that the technology is new, which would give Acme the First mover advantage.... Furthermore, there are many anxious customers that have already lined up to buy the project.... They not only have a key role at initial stages such as cost=benefit analysis and determining the financial feasilbity of the project but they also play a key role during the process of production i....
2 Pages (500 words) Case Study

Techniques for Acquiring Software

15 Pages (3750 words) Case Study
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.
Contact Us