From Swords to Ploughshares Three generations of Family Entrepreneurship, Conflict, Transition, and Connection Free Essay Example, 1000 words

Issues on Conflict, Transition and Connection in the Company with Close Family Relationships September 4 Describe how successful the business has been at recognizing and satisfying stakeholder interests The McNeely’s companies have become more successful once they started listening and respecting each other. Harry McNeely Jr. outlines it in the following way: â€Å"You have to listen and respect those needs in a business family, but that wasnt happening with the siblings in my fathers family† (Carlock & Florent-Treacy, 2009, p. 210). Major and minor shareholders were at conflict with each other. There should be a decision-making respecting and elegantly realizing what each party insists on in order to omit some detrimental outcomes. Definitely, in case with McNeely, the business grew upward once they realized the need for the outside professionals having no family ties and managing things in an up-to-date way with no great ambitions for his/her share in the company. The need for equal partnership between siblings was the way out. Thus, the division of Space Center Inc. has become too vital to resolve the problem of holding shares between all parties. We will write a custom essay sample on From Swords to Ploughshares: Three generations of Family Entrepreneurship, Conflict, Transition, and Connection or any topic specifically for you Only $17.96 $11.86/pageorder now In this way, Don’s strategic solution for involvement of new participants from different circles of business and financial elite outside the family made it possible that the inner conflict began decreasing eventually. Finally, by recognizing and satisfying stakeholder interests, there is no place for contradiction among the family members and parties joining the company from outside. On the part of Don and Harry, it was a constructive decision that they engaged into multifaceted interaction among the senior staff members letting, therefore, no place for destruction within the company. 2. Describe the mechanisms that are available to manage relationships with stakeholders and to influence the strategic direction and performance of the company. First off, one of the main mechanisms to make sure the company drives toward the effective management of relationships between stakeholders is diversification and delegation of power on equal basis and with the goal toward positive result even though the family-related CEO is fired. Making the board’s decisions independent in terms of CEO election even though the company is run by McNeely’s made it close to the overall consensus was needful to assure the board members in their quite eligible and weighty role in the company with the right to vote freely. On the other hand, disseminating family members with outsiders well-experienced in the field of management and business affairs gave grounds to stopping conflicts within the McNeely family.