In the simulations, I took a couple different approaches to see when
the company would fail. As we know, by keeping the family in charge
the longest was not a good idea. The company eventually failed. In
my three attempts, I took into consideration the view of growing up
in a family-owned business. I understand that to grow, the company
needs new vision. b I did select to bring in an outside CEO in all three
simulations. The family seemed to be more interested in themselves
than the company. I would imagine that this is like some real-life
family-owned businesses. By adding value propositions of new ideas
and products and key segment changes made my company grow
from a regional business to a regional multinational business without
completely divesting from honey. (Agarwal, n.d.).
My family relationship was medium in the assignments. I couldn’t
quite get away from the family having more say in the business than
a public company might want. The main factor that moved my
company from a regional to a multinational business was the IPO
initiative. b Ownership also slid from medium to high with the IPO
selection. The business stayed profitable and sustainable through
rough times when competitors were getting out of the business.
Reference:
Agarwal, R. (n.d.). Family Business Similation: Honey Heritage.
Harvard Business Publishing
. https://forio.com/app/harvard/family-
business/#/timeline
