Family Term Paper
- Submitted by: emmajoyf
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- Category: Politics: Economics
- Date Submitted: 11/14/2013 07:28 AM
- Pages: 10
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A comparative analysis between “The Steinberg case and the Precista Tool Case” focusing on the similarities and differences of the cases
Family succession is a process of changing or transitioning ownership and management of a business enterprise to the next generation a respective family member. This transition also involves family assets acting as an integral part of the process. Family members often are in controlling position in the business ownership and management succession. Therefore, an effective management and integration of family elements have determining an impact on the success of the entire succession practice. In line with family business, this part of essay presents a comparative analysis between “The Steinberg case and the Precista Tool Case” focusing on the similarities and differences of the cases.
The Steinberg case
First, what is apparent in the two cases is the lack of a viable succession mechanism that he picked his sons-in-law as his successor, whom shared his style and view rather than other members in his family. The case also shows the difficulty that the business owner experiences in letting go management of the business. From the start, it is apparent that although he would have opted for school or other typical activities that his brothers embarked on. Steinberg was hardly 13 years old when he started to make major decisions at his mother store within a short period after the founding. In addition, Steinberg was not the oldest boy, but was second and neither of his siblings had an actual managerial propensity. Steinberg took a role of provider and father, with his father gone.
Therefore, it is Sam Steinberg who nurtured the their business, starting by making decisions relating to a doubling of store floor space, and opening up in an almost underdeveloped section of the city, and maintaining growth cycle, affordable prices, and customer service. During the depression, Sam Steinberg saw...
Professor:
Course:
Date:
A comparative analysis between “The Steinberg case and the Precista Tool Case” focusing on the similarities and differences of the cases
Family succession is a process of changing or transitioning ownership and management of a business enterprise to the next generation a respective family member. This transition also involves family assets acting as an integral part of the process. Family members often are in controlling position in the business ownership and management succession. Therefore, an effective management and integration of family elements have determining an impact on the success of the entire succession practice. In line with family business, this part of essay presents a comparative analysis between “The Steinberg case and the Precista Tool Case” focusing on the similarities and differences of the cases.
The Steinberg case
First, what is apparent in the two cases is the lack of a viable succession mechanism that he picked his sons-in-law as his successor, whom shared his style and view rather than other members in his family. The case also shows the difficulty that the business owner experiences in letting go management of the business. From the start, it is apparent that although he would have opted for school or other typical activities that his brothers embarked on. Steinberg was hardly 13 years old when he started to make major decisions at his mother store within a short period after the founding. In addition, Steinberg was not the oldest boy, but was second and neither of his siblings had an actual managerial propensity. Steinberg took a role of provider and father, with his father gone.
Therefore, it is Sam Steinberg who nurtured the their business, starting by making decisions relating to a doubling of store floor space, and opening up in an almost underdeveloped section of the city, and maintaining growth cycle, affordable prices, and customer service. During the depression, Sam Steinberg saw...