Create a new account

It's simple, and free.

Family Owned Businesses

omes as part of the package. An excellent example of this is E&J Gallo Wines of California. It was started by two brothers in 1933 after their parents died due to the pressure of a failed winery. The brothers started again from scratch and the company grew into a world-renowned winemaker.

Gallo had several advantages that helped it thrive over the years and has carried it successfully into the second generation. One is that it was started by not one but two brothers. These two had very different areas of expertise and capitalized on it: one was more interested in farming, the other in sales and management. This kept the infighting down since neither felt threatened by the others actions. Today Gallo is still owned and run by their descendants and capitalizes one the benefits of the arrangement.

Business families also face the challenge of keeping business and family life separate. "Family businesses that overemphasize the business system, and consequently diminish attention to the family system, often end up with families that do not relate to each other and psychologically compete with the business" (Carlock & Ward, 5)

In his book Keep the Family Baggage Out of the Family

Business: Avoiding the Seven Deadly Sins that Destroy Family Businesses, Fleming covers some of the managerial difficulties that can arise when family members work together.

1. Children may be pressured to work in the business rather than pursuing their own careers

2. Parents may refuse to see adult children equal co-workers

3. Difficulties may not be faced fo

...

< Prev Page 2 of 8 Next >

More on Family Owned Businesses...

Loading...
APA     MLA     Chicago
Family Owned Businesses. (1969, December 31). In LotsofEssays.com. Retrieved 05:38, May 04, 2024, from https://www.lotsofessays.com/viewpaper/2000128.html