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OLEMISS / Business Management / MGMT 486 / What is the nature of commitment?

What is the nature of commitment?

What is the nature of commitment?

Description

School: University of Mississippi
Department: Business Management
Course: Family Business Management
Professor: Charles dibrell
Term: Fall 2016
Tags: Management
Cost: 50
Name: MGMT 486
Description: Study Guide for chapter 6,7,8,9 (not including 4 Cs, Fredo Effect, AGES, Effectuation, and Strategic Financial Metrics)
Uploaded: 10/24/2016
12 Pages 47 Views 2 Unlocks
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FINANCIAL AND EMOTIONAL CAPITALWe also discuss several other topics like What are the new techniques in agriculture?

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Warm heart       1If you want to learn more check out Cancer is a disease of what?

Deep pocket

Pained heartWe also discuss several other topics like Who is alexander hamilton?

Deep pocket

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Warm heartWe also discuss several other topics like What is the purpose of horse racing?

Empty pocket

Pained heart      4We also discuss several other topics like What is the function of social information processing?

Empty pocket

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We also discuss several other topics like What is the role of an ecosystem?

Family dimension

1 = best

2 = worst

  • Desirable attribute

  • Integrity (not cheat or lie)
  • Commitment (Must not feel obligated, desire to lead)
  • Respect
  • Competence in decision making and interpersonal skills
  • Skills (Marketing, sales, finance, strategic planning)

  • Nature of commitment 

  • Affective (wants to contribute)(Best type)
  • Normative (join to accommodate the family)
  • Calculative (Perceived values of ownership) (Self-absorption)
  • Dependent (safe comes heaven) (worst type) (Nepotism)

  • Training

  • Family business = stewardship and responsibility
  • Suggestion
  • Make them work for salary (develop work ethic)
  • Teach financial responsibility
  • Compensate through Market rate (Performance review)
  • Interpersonal relation skills (selling problem solving)

  • Selling and Coursing teams (with complementary skills)

  • Executive committee represents a small minority of CEO succession
  • if one team leader is chosen (represents inability to decide)

(works only in family business, not in regular business)

  • Interdependence of team members

  • Issue for selling and coursing teams (it’s difficult to manage)
  • Root of mort and disagreement across generation
  • Minimize = design organizational structure that established different roles for different members.

(hurt both business and family) (organization hierarchy)

  • How to achieve interdependence

  • Establish common goals
  • Reflect in possible different roles
  • Reduce relationship wear and tear
  • Create forums and discussions for relationship on an ongoing basis (Not allow emotion to built up)
  • Transfer ownership with full recognition (CEO → liability to

(51% of voting stock)

  • Vision

  • Accept New technology (assume risks) (promoting growth)
  • Complexity skills and perspective and perspectives (are new)(and updates)

CHAPTER 7: Succession Process and the Transfer of Power

  • Ultimate challenge

  • Fuse: a healthy business, a healthy family and ensure that it will continue from generation to generation

  • CEO as architect of Governance

  • Blurred system Bounties (built institution of governance)
  • That need is usually lot on the CEO
  • Independent versus dependent Board Members

(thinks it is not important or needed → until the business group to a larger group

  • What are the needed institutions

  • A bond of director (or advisory board)
  • A family council (different family groups – Branches)
  • A family assembly
  • An annual shareholder meeting
  • A management Team (topnotch non-family Manager)
  • Then after creating them can be the CEO proceed with the plan of transfer power to a new generation

(increase level of professionalization) (Broader Perspective)

  • Transfer of Power
  • CEO – are architects of the transition
  • Problematic (when CEO wants to stay, fails to prepare next generation, or succession is caused by death or sickness of CEO)
  • Transfer is unique to each family business
  • CEO – must be committed to the company
  • CEO 0 must enlist the “right people” (outsider advisor)

  • CEO exit style
  • The Monarch (forced out, no one could ever replace them)
  • The general (Plots a return, hopes next generation are useless)
  • The Ambassador (other team business, diplomatic duties)

(on behalf of the corporation) (keeps figure lead)

  • The governor (leads for a limited term, ensues successor is trained and ready)
  • The inventor (returns to normal activities, takes another key position)
  • The transition (leader during succession process)

(Not common)

  • Leadership imperative (when transferring Power)

  • CEO – shares vision of company (to continuity)
  • Help built institutions – that help next generation
  • Burst catalyst function (communication and planning)
  • Priority of the development of next generation
  • Help next generation build hedges with important stakeholders, their family, employees, customers, etc.

(hard because children never fall in line – fight between possible successor)

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