Family business managment Case Study Example | Topics and Well Written Essays - 750 words

Family business managment - Case Study Example There was collaborative decision making in the Cohen family as it is documented that the family members met twice a week over lunch to debate and come to a consensus as pertained to the pressing company issues (Ward, 3). However, the Cohen family has its weaknesses that would have proved fatal for the success of the company. Firstly positions in the company were awarded with reference to the predecessor’s position and not with reference to qualifications; Abe and Cohen lineages. Moreover, they held informal meetings hence lack of giving much seriousness to issues that needed intensive decision making. It has been documented that the family members decided when they would have their leaves irrespective of the number yet this was not a privilege accorded to employees who were not family members. The family members seem to be favored other than other employees, creating a loophole for failure of the business (Ward, 4). The issue of succession needs to be resolved to ensure the success of the business. This is following the reassignment of Robert Cohen. It has been documented that no one has yet been appointed to oversee the international relations of the company. This needs to be resolved for the company to maintain its competitive edge in the international business. Consequently, compensation of the next generation and appraisal of the fourth generation was also an issue that needed to be resolved and addressed. There needed to be a top level management, an issue which Abel speculated would raise conflict leading to some family members leaving the company. Subsequently, the issue of diversification of the company needed to be addressed and resolved, this was to inculcate the diversity in the family and also to accommodate all family members (Ward, 7). At first the family meetings were 100% informal as they are documented to occur across a desk shared by Abe and