Family Business Case Study

Doctor James Kim is an entreprenuer based in Australia from a Korean background. He owns a scrap metal business in Strathfield. He has his daughter Lucy working in reception – picking up calls and doing some sales and has Simon his nephew working in the yard.

Some problems have arisen due to the fact that its a family business: > Lucy has a dream of owning her own business, so she’s not motivated to sell to the customers

Simon is working in the yard managing the labourers, but he’s thinking about university and not focussed on optimising the operation.

Thus you have a system thats inefficient due to staff not wanting to be there.

How the family business successful? Part III: the family project

In family businesses (EF) only 30% of them passed to the second generation and no more than half of this percentage makes the subsequent (Larsen and Goodstein, 1993). One of the reasons for this low survival is due to family conflicts. In order to provide clues to the solution of such pressing problem we wonder: all conflicts are negative ?, there is only one type of family business ?, If the answer is no, what are those that promote agreements?
1. Positive and negative conflicts
Not all conflict is negative (Kellermanns and Eddleston, 2004). Disagreements can be of three types: first, the conflict tasks, refers to discussions on what should be the objectives of the company and what tasks should run.
The second, the conflict processes, is how they should be executed tasks and what and how much responsibility should be given to individuals. The third refers to personal conflicts, the perception of animosity and incompatibility among those involving emotional aspects, such as anger, frustration and irritation to other relationships.
The first two conflicts, tasks and processes, are positive if they involve an exchange of ideas moderately.
The relationship is the worrisome conflict, first, because it interferes with work by encouraging the formation of groups that fight each other, the second one, exacerbated disagreements over the succession, and third, lessen the positive effects of a moderated discussion on conflict by tasks and processes.
The higher the conflict relations, the lower the performance of the company (Kellermanns and Eddleston, 2004).
2. The type of family business that promotes agreements
A doctoral thesis (Garcia Alvarez, 2001) concludes that there is no single type of EF and that they can be differentiated according to the values ​​that convey the founders to their successors.
EF are classified into four types: family tradition -the heirs are conditioned by tradition (in some eastern families is expected that the firstborn take care of the family business) – -one strategic descendants he becomes leader who guide by the sense of autorrealización-, architect -the successor is forced to create a company because of a negative fact (dismissal or divorce) – or parents-the inventor have led to future manager a skill that is not valued by the market (sell classical music in popular neighborhoods of Lima).
The above research finds that the founders transmit values. In family tradition: family spirit, simplicity and reliability; in strategic: to create business, determination or guidance to the person; in the architects: family counseling, satisfaction or evidence; and the inventors: innovation, dependency and autonomy.
These companies differ on why the business is created and who influences the decisions of the manager. The first two types of EF company created by personal choice: the family tradition by customs and beliefs that prevail in the family and strategic for self-realization; as I expected the family group company takes an end. The two remaining conceive by obligation, forced to the dismissal inventors and creators because they have no other recourse, the company is only a means to the end which is the family. Evidence indicates that the first two types offer performance (performance, turnover, cost of debt, etc.) than the last two. In the case of companies of family tradition and architects, managers make their decisions influenced by the family group; instead on strategic and inventors, affected by the leader.
In the expansion process of an EF are three important moments that cause conflicts. The first is when the founder is still the leader, the second, when he is to retire and the third when members of the second or higher generation take over the business.
Consider the conflicts that occur in the first place. While the founder concentrates power, conflicts and process tasks are minor, but if the founder uses the threat with his subordinates may occur conflicts relationships. But this concern can worsen conflict if reciprocal altruism is low. This concept refers to the expectation that a family has other, that a benefit today is rewarded in some way in the future. Usually this benefit is not due to economic rationality (Kellermanns and Eddleston, 2004). An example may clarify this point. family learning opportunities are offered no education or experience in exchange for hard times in the future, even if they are professionally trained, do not leave the company.
ConflictoAhora observe the conflict in the second stage when the founder is about to retire due to a rift succession occurs. This problem has been called dependence of the founder (Garcia Alvarez, 2001). It is reasonable that the founder exercise power while he is young and his ideas are useful to the enterprise; but these qualities will not last forever. It is therefore desirable that, over the years, leave the company and retire.
However, in many cases the founder do not want to retire, enjoy what it has always done. Here the struggle of a successor who want to take over the business and a father who refuses to withdraw occurs.
Finally let’s focus on the conflicts that occur when the second or higher generation takes the reins of the EF. At this stage the greatest discrepancies occur and are mainly due to dysfunctional behavior, two or more people interact in a way that is detrimental to all. This point will be explained in more detail in a future article.
To summarize the types of EF show that avoid conflict. Conflicts tasks and processes are desirable if it involves an exchange of ideas moderately. In our view, due to group cohesion, conflict by the absence of reciprocal altruism is minimized in the EF family tradition. While according to Garcia Alvarez (2001: 295), founder dependence occurs in EF architects but not in the family tradition or strategic.
3. Case Moreno [1]
This group was born in Lima, by 1955, it is dedicated to apparel industry and is currently in the third generation. The first generation is removed, the second own brand garments sold in Peru and exports with brand outside the US and the third sells t-shirts and jeans with own brand in fashion stores in the US In 2004 the whole group has sold more than $ 11,000,000.
The EF is family tradition; observe the company as an end, the group is one of the main Peruvian exporters of jeans. Successive managers are convinced by the implicit demands of the family. Some expressions of members of the second generation: “I know that I will not reach life to do what I really want to keep the promise I made to my father,” and the third: “In the family part, if they (parents and grandparents) had not done what they have done, I was not there (in New York) with this business. ”
This case shows that in the family tradition EF few struggles or absence of reciprocal altruism nor dependence founder occur.

Corporate Finance: An Approach to Peru

Corporate Finance: An Approach to Peru is aimed at people who are new to the knowledge of finance and those who wish to refresh their financial knowledge: undergraduate students and graduate students of various faculties where this fascinating discipline is an important course.
Below are available in PDF format, all the chapters of this publication for academic and research purposes.
Index and presentation Download file
Introduction: What is finance? Download file
Capitulos
1. The elements of the valuation Download file
2. The valuation of bonds and stocks Download file
3. Project evaluation Download file
4. Investment in marketable securities Download file
5. Preliminary considerations financing Download file
6. Sources of short-term financing Download file
7. The sources of long term financing Download file
8. The expected behavior of the interest rate, exchange rate and inflation Download file
9. Future Download file
10. The options Download file
11. The swap Download file
12. Efficiency in the capital market Download file
13. Mergers Download file
Attachments Download file
Bibliography Download file

In Peru, what is the predominant type of business?

Teaching in business schools can improve if they take into account an important issue: the family business. This is because, in so-called “developing country”, like Peru, is the predominant form of organization. The way it interacts family and the family business-the accumulated resources, compartidos- values have an influence on economic performance. And in developed countries, while not dominant, it is important: about 30% of the Fortune 500 and Standard & Poor’s 500 are familiar.
In Peru, the business scenario does not consist of individuals who seek only money but rather the landscape is formed by family groups, interatúan with other social partners, and not only claim economic sustainability but other purposes such as family succession or continuity .

The company is not all conflict is negative

In family businesses (EF) only 30% of them passed to the second generation and no more than half of this percentage makes the subsequent (Larsen and Goodstein, 1993). One of the reasons for this low survival is due to family conflicts. In order to provide clues to the solution of such pressing problem we wonder: all conflicts are negative ?, there is only one type of family business ?, If the answer is no, what are those that promote agreements?
1. Positive and negative conflicts
Not all conflict is negative (Kellermanns and Eddleston, 2004). Disagreements can be of three types: first, the conflict tasks, refers to discussions on what should be the objectives of the company and what tasks should run.
The second, the conflict processes, is how they should be executed tasks and what and how much responsibility should be given to individuals. The third refers to personal conflicts, the perception of animosity and incompatibility among those involving emotional aspects, such as anger, frustration and irritation to other relationships.
The first two conflicts, tasks and processes, are positive if they involve an exchange of ideas moderately.
The relationship is the worrisome conflict, first, because it interferes with work by encouraging the formation of groups that fight each other, the second one, exacerbated disagreements over the succession, and third, lessen the positive effects of a moderated discussion on conflict by tasks and processes.
The higher the conflict relations, the lower the performance of the company (Kellermanns and Eddleston, 2004).
2. The type of family business that promotes agreements
A doctoral thesis (Garcia Alvarez, 2001) concludes that there is no single type of EF and that they can be differentiated according to the values ​​that convey the founders to their successors.
EF are classified into four types: family tradition -the heirs are conditioned by tradition (in some eastern families is expected that the firstborn take care of the family business) – -one strategic descendants he becomes leader who guide by the sense of autorrealización-, architect -the successor is forced to create a company because of a negative fact (dismissal or divorce) – or parents-the inventor have led to future manager a skill that is not valued by the market (sell classical music in popular neighborhoods of Lima).
The above research finds that the founders transmit values. In family tradition: family spirit, simplicity and reliability; in strategic: to create business, determination or guidance to the person; in the architects: family counseling, satisfaction or evidence; and the inventors: innovation, dependency and autonomy.
These companies differ on why the business is created and who influences the decisions of the manager. The first two types of EF company created by personal choice: the family tradition by customs and beliefs that prevail in the family and strategic for self-realization; as I expected the family group company takes an end. The two remaining conceive by obligation, forced to the dismissal inventors and creators because they have no other recourse, the company is only a means to the end which is the family. Evidence indicates that the first two types offer performance (performance, turnover, cost of debt, etc.) than the last two. In the case of companies of family tradition and architects, managers make their decisions influenced by the family group; instead on strategic and inventors, affected by the leader.
In the expansion process of an EF are three important moments that cause conflicts. The first is when the founder is still the leader, the second, when he is to retire and the third when members of the second or higher generation take over the business.
Consider the conflicts that occur in the first place. While the founder concentrates power, conflicts and process tasks are minor, but if the founder uses the threat with his subordinates may occur conflicts relationships. But this concern can worsen conflict if reciprocal altruism is low. This concept refers to the expectation that a family has other, that a benefit today is rewarded in some way in the future. Usually this benefit is not due to economic rationality (Kellermanns and Eddleston, 2004). An example may clarify this point. family learning opportunities are offered no education or experience in exchange for hard times in the future, even if they are professionally trained, do not leave the company.
ConflictoAhora observe the conflict in the second stage when the founder is about to retire due to a rift succession occurs. This problem has been called dependence of the founder (Garcia Alvarez, 2001). It is reasonable that the founder exercise power while he is young and his ideas are useful to the enterprise; but these qualities will not last forever. It is therefore desirable that, over the years, leave the company and retire.
However, in many cases the founder do not want to retire, enjoy what it has always done. Here the struggle of a successor who want to take over the business and a father who refuses to withdraw occurs.
Finally let’s focus on the conflicts that occur when the second or higher generation takes the reins of the EF. At this stage the greatest discrepancies occur and are mainly due to dysfunctional behavior, two or more people interact in a way that is detrimental to all. This point will be explained in more detail in a future article.
To summarize the types of EF show that avoid conflict. Conflicts tasks and processes are desirable if it involves an exchange of ideas moderately. In our view, due to group cohesion, conflict by the absence of reciprocal altruism is minimized in the EF family tradition. While according to Garcia Alvarez (2001: 295), founder dependence occurs in EF architects but not in the family tradition or strategic.
3. Case Moreno [1]
This group was born in Lima, by 1955, it is dedicated to apparel industry and is currently in the third generation. The first generation is removed, the second own brand garments sold in Peru and exports with brand outside the US and the third sells t-shirts and jeans with own brand in fashion stores in the US In 2004 the whole group has sold more than $ 11,000,000.
The EF is family tradition; observe the company as an end, the group is one of the main Peruvian exporters of jeans. Successive managers are convinced by the implicit demands of the family. Some expressions of members of the second generation: “I know that I will not reach life to do what I really want to keep the promise I made to my father,” and the third: “In the family part, if they (parents and grandparents) had not done what they have done, I was not there (in New York) with this business. ”
This case shows that in the family tradition EF few struggles or absence of reciprocal altruism nor dependence founder occur.

The relevant conflict in the company dysfunctional behavior

John, of Chinese origin and founder of a small family business about 75 years, do not want to leave the reins of his company any of his five children, even though some of them have college education and work experience in major industries in USA Apparently John is the patriarch of the family offers advice to families in trouble and when available resources, lends them money.
We wonder how a wise and generous person can be so selfish, that because of his advanced age, does not give the command to your children? Behind this behavior exists lust for power and control. John has an instinct overwhelmed by being recognized. But on the other hand it is obsessed with the need to maintain as much control over their environment. To raise your low self-esteem needs dependent-contrary to make their own decisions- people. Thus, a dysfunctional relationship is created -two or more people interact with destructive-behaviors, the founder can foster an economic and psychological dependence on the clerk (Larsen and Goodstein, 1993). This link can also occur between individuals of a second or higher generation.
The reader can understand the inconvenience of perpetuating a dysfunctional relationship. What causes blindness John have that control? Presumably it has an emotional void that manifests through loneliness, fear and resentment. Human behavior do not have a simple explanation, an answer is that John faces the future with uncertainty, influence, since childhood, his father probably addicted to alcohol, drugs or game-. When his father was sober he was a loving man. But when he drank, he returned home and his actions were determined by their intoxicated soul punished Juan rightly or wrongly analyzed with special precision or the mistakes of his mother who -Appearance fastidiaba- and not their own. Without being aware of it and through a long process, Juan learned that it was best to control their environment if possible- this. Years later, when John takes over the family business, it requires its subordinate securities absurd. Monitoring, which is desirable at adequate levels, the business overemphasized leads to inefficiency. Juan tries to fill his inner void with the submission of their families and subordinates.
This article is the continuation of other previously published. In it we argued that conflicts can be of three types: tasks, processes and relationships (Kellermanns and Eddleston, 2004). The first two types are positive. But the relationship is worrying, concerns the perception of animosity and incompatibility between people. In the latter type, the rifts do not obey the discussion of the tasks to be performed and the distribution of responsibilities, if not the supposedly free hatreds among relatives. We believe that this irritation is caused by the habits that people acquire from children and promoting dysfunctional behaviors.
The types of dysfunctional behaviors
Larsen and Goodstein (1993) propose six types of dysfunctional behaviors. The first, already explained, the guardians (caretakes), those with obfuscation for control. The second, the condescending (people pleaser), seeking always to please others even before unenforceable orders. The third, martyrs (martyrs), have fear of success and pleasure. The four workaholics (workkaholics), the task is an end in itself. The fifth, perfectionists (perfectionists), look for a job well done beyond reason. And the sixth, irresponsible (tap dancers), those who do not take responsibility.
LaboralEn each of the types of behavior can inquire why it is a dysfunctional behavior. We have already seen the case of the guards. Why it is inadequate; in the case of patronizing, please others; in the martyrs, be conservative; in workaholics, labor strongly; in perfectionists, perform a job well done and irresponsible, enjoy a leisurely day. They are suitable to the extent that the action will be measured.
The problem is the excessive behavior and impertinence to fill the void inside with egocentric attitudes.
A person who is linked to a condescending may suffer because of promises that are not fulfilled; a martyr, the task is boycotted before completion; with a workaholic, labor unnecessarily; a perfectionist, perform a job well done beyond the reasonable and irresponsible not assume the responsibilities demanded by the company.
What to do with conflicts over relations?
Ideally any conflict can be improved if those involved recognize their dysfunctional behavior and are willing to communicate. These conditions are not easy to fulfill. Change dysfunctional habits that have been ingrained for a long time is difficult. Not all individuals are willing to face the truth of their inner world and to interact positively with others healthy. We know people who have sought to resolve their inner emptiness which manifests itself in guilt, fear, depression-has taken them many years to ten- or perhaps simply have not succeeded.
A family business is a combination of individual, family and business that relate systemically. Perhaps track solution to conflicts over relations is offered when we observe it as a system to our needs. We accept the negative aspects of family business, we try individuals improve their dysfunctional behavior, and if not possible, we accept it completely. But we also observe its positive points; on the one hand, the values ​​adopted family, tradition -the set of beliefs and customs that are passed from generation to generation and promote long life of the company; and secondly, a successful strategy that encourages individuals to change dysfunctional behaviors. We know of a case in which both the founder and his son are addicted to the game, but were able to achieve a minimum consensus that allowed them to create a successful chain of 30 stores throughout Peru.

Investors have better perception of companies from other family members

In developed countries there is evidence of that. At least from 2002 to 2010, if we compare two stock indices, the Credit Suisse family business index, which contains companies managed by their relatives, and the MSCI (Morgan Stanley Capital Investment) world price index, which is a benchmark overall, we see that the first index performance is clearly superior to the second.
Include the source of this information: http://holtindex.credit-suisse.com/html/CSFAM_chart.html

Great Small Business

Many potential small entrepreneurs venture into the business with the expectation of a better standard of living. However, in most cases small business, these expectations are not met: small businesses do not usually generate only meager profits.
Then, you need to ask what should be done for small business grow and generate interesting profits.
The main theme of this book is an attempt to explain the factors for growth of small business. It aims also meet financial performance in the process of its eventual growth.
Below are available in PDF format, all chapters and applied cases of this publication for academic and research purposes.
Introduction Download file
chapters
1. Problematic small business Download file
2. Financial situation of small business Download file
3. Growth in the initial stage Download file
4. Growth in the consolidation phase Download file
Synthesis Download file
cases
1. Case Albornoz Download file
2. Case Alvan Download file
3. Case Arguello Download file
4. Case Auza Download file
5. Case Botto Download file
6. Case Bustios Download file
7. Case Condor Download file
8. Case Chavez Download file
9. Case Lazo Download file
10. Case Meza Download file
11. Case Moreno Download file
12. Case Wall Download file
13. Case Presciani Download file
14. Case Ramirez Download file
15. Case Robles Download file
16. Case Salas Download file
17. Case Sanchez Download file
18. Case Wing Download file
19. Case Yamamoto Download file
20. Case Ying Download file
Attachments Download file
Bibliography Download file

You liked the book? Share!

Ideas for family business