Family Dynamics Communication The communication style between the parents and children stems from an authoritative parenting style. Dhirubhai was definitely in charge, and he “would reprimand Mukesh and Anil and impose a solution” when needed (“Family Business” 348). He also communicated well enough with his sons that they felt they were included in the family business even before they took the reins (“Family Business” 349). Communication between the two brothers seems to be lacking. During the tumultuous first years after their father’s death, many unilateral decisions were made. For instance, Anil decided to get involved in politics and decided to start a new venture using Reliance funds without consulting his brother …show more content…
As Hausner states in The Legacy Family, “the odds are clearly against multigenerational transition,” leading me to believe that significant legwork is required on the part of the previous generation in order to increase the chances of success (125). Since both sons had different strengths and weaknesses, a well-defined succession plan could have divided the business in a way that would play to each one’s strong suits. Additionally, working out the plan before succession is necessary would allow the next generation to give their input regarding what they envision to be the best succession …show more content…
Creating such a plan would help to address the idea that certain types of wealth related decisions can either reinforce or weaken family ties (Hartley 8). If each brother had been forced to consider the potential impacts of their decision on the family, they might have been more willing to find middle ground. Instigating these types of discussions also highlights the importance of open communication, relationships and RQ to the family business (Hoover 36). Delineating a structure for the architecture of ownership would also have been a good idea. As ownership is spread between multiple descendants, the need for structure becomes more salient (Hoover 155). Creating this type of structure would have allowed Mukesh and Anil to have a forum in which they could discuss business issues like capital expenditures and the use of profits, then incorporate the “family” part of the business (i.e. core family values and estate planning) into the final decisions (Hoover 156). Takeaway The takeaway that I would like to highlight is the glaring fact that things will run more smoothly and transition to the next generation with greater ease when the proper paperwork is in place. We’ve learned in this class that laying out a family constitution, communication and behavior expectations, and a clear, universally accepted, succession plan are key to the longevity
Simpson Seeds has been faced with a very tough situation of planning the transition of the ownership and leadership of their family business on to the third generation of the Simpson family. With a family that has grown to include 25 members of the Simpson Business Family, making a succession plan will be a tedious job in order to please everyone involved. In this transition, the Simpson family would like to maintain interfamily relationships with all family members – not just active (in the business) family members. In the following text, I will discuss how they should proceed with their succession planning to maintain their number one priority, family values, I will discuss who should lead the succession process for the family, and who all
Fathers and sons have special bonds that connect them in a different way from other individuals. Although they may not expose much emotion, respect and honor are key factors that link their relationships. Siddhartha and his father had a certain understanding towards each other. Siddhartha loved, feared, respected and was patient towards his father; an equal amount of these traits were reciprocated with the addition of understanding.
The Family Life Cycle. (n.d.). The Family Life Cycle. Retrieved January 25, 2014, from http://highered.mcgraw-hill.com/sites/0072487747/student_view0/chapter15/ Weiten, W., Lloyd, Margaret A., Dunn, Dana S., Yost-Hammer, Elizabeth. (2009).
Satir mentioned that parental style of communication, family rules and family position are greatly influenced by their family of origin. They bring together what they learned in their own family implicitly and explicitly and formulated the context of their family now. (Rasheed, 2010) In this case, Mrs. and Mrs. Ho’s parental style and attitudes also are influenced by their family of origin.
My brother and I have never seen my father’s children from his first wife, we have never spoken, we have never even met. That is my family, too. NARROW INTRODUCTION [Maghan Fatta Kon]. Had this been another family, say one in Mali, the situation would be entirely different.
Times have changed since our parents were children and families today face different challenges than those of a decade or two ago. Over the past few decades the concept of family has been revolutionized. A "traditional" family no longer consists of two parents of the opposite sex in which the father is the "breadwinner," and the mother stays at home to raise the children. Today's family is as diverse as the world it must exist in. The important thing about today's family is that success does not just happen; a strong family takes effort.
Harvard Business School “Working Knowledge” Newsletter - April 17, 2006:! “Can you manage different generations?
With every generation comes a lifestyle with unique ideas, values and language. Accounting Today recognizes the importance of generations and their effects on the business field in its articles “Bridging the Gaps” by Jennifer Wilson and “The Way We Learn Now,” by Jennifer Wilson and Krista Remer. This memo summarizes these articles, analyzes the formation of each generation, and identifies advantages of a multigenerational workplace.
With the passing of time comes the inevitable arrival of change. We see this in nearly aspect in our lives including technology, education, and especially in our relationships. One relationship that has been examined over the years is our familial relationships. The “family” of today is nothing like the “family of the 1950’s. Some of these changes have been viewed as very positive; that they show the strength and resilience of the family despite the turmoil that may arise in the world we live in. Other changes have been viewed as catastrophic for the family, to the point where people have claimed that the concept of family is on a rapid decline.
As a matter of fact, the manner in which they handle their children at home, managing their expectations should be the actual case in the work places. The generation Y employee is a constrained bomb of ideas, innovations, and expectations which only then transforms to expectations. The point is, these young employees have abilities that lack capacities. So now they look unto the generation X, the management to feed these capacities, as much as they may do this in a shrewd manner definitive of their expectations (Vaiman & Vance, 2008) Ideally, the generation X should be ready to embrace change in whose case the models of change should be very instrumental to help them manage the generation Y and their ideas and suggestions of change. The synthesis of the two conflicts now becomes the fusion of cultures to end up with a stable understanding of procedures for the young employees and a modern inception and injection of modern ideas into the long held organization cultures,
In 2014, JB Hi-Fi announced the retirement of their CEO Terry Smart. He had been with the company for more than 14 years. In an interview with Smart Company, Smart explained the process for hiring his successor. Smart (2014) stated that succession planning is not something that can be done overnight, it’s a long-term process and it’s part of the board’s role. When JB Hi-Fi promoted Richard Murray to CEO it was because of his extensive experience, knowledge, skills and contribution to the organisation over 11 years (Keating 2014). This example of JB Hi-Fi’s succession planning not only demonstrates their diligence in following their charter but also the emphasis placed on laying the right
Yan, Jun, and Ritch Sorenson. "The effect of Confucian values on succession in family business." Family Business Review 19.3 (2006): 235-250.
Until a child is eighteen years old, the parents have full responsibility. They provide a stable and loving environment for their children. As the leaders in a household, caring and loving parents also maintain the bonds that hold the family together. However, absence of loving parental guidance can create tension between family members. Anita Desai’s Clear Light of Day shows how war, specifically the partition of India, affects a particular family.
Family dynamics and their structure have gone through many changes in the last 100 years. The development of diverse and unique family styles was very interesting and I was surprised by the many changes over the spectrum of time. In addition, I discovered that I have been a little sheltered by my own environment. I had failed to learn about other cultures, but what I learned from this course and the way we define family was eye opening. Considering the definition of a family unit, it is easy to see how much that definition has changed. People living in the same home and celebrating the same belief system, although not related by blood, are still considered family. From single parents, to grandparents raising the grandchildren, and homosexual
Ward, J. L. (2004). Perpetuating the family business: 50 lessons learned from long-lasting, successful families in business. Palgrave Macmillan.