A Study of Transferring Power and the Implementation of New Management Strategies in Franklin Produce a Family Business

The family business is a complex entity composed of parts, the family, the business and the marketplace. The thesis is designed for people actually involved in this family business, and who are committed to increasing the business\u27s effectiveness. Factors critical to the survival of Franklin Produce will be addressed such as understanding family dynamics and their effects on the business, planning for succession, implementing strategic decision making methods, selecting and managing employees, developing the culture of the organization, ensuring* continuity, providing for career development within the company, and utilizing a board of directors. Many family businesses fail because they allow themselves to be destroyed slowly but surely, by the actions of the owner. The owner typically fails to recognize the needs of the future in managing his business. The purpose of this thesis is to show the business owner how to keep the dream alive through good planning. Good planning is much more than merely thinking ahead. The business owner needs help developing perspectives and methods for planning and for family issues. For continued success he must have a clear framework for thinking about the future of his business and his family. This thesis presents skills and ideas crucial to revitalizing the business so it may continue generation after generation. My goal is to provide the owner with practical ideas that will help both his family and his business. The owner, as well as sons, daughters and cousins who will succeed in business are the primary readership for this thesis. This thesis is also directed toward advisers, bankers, accountants, lawyers and investment and family counselors, who as trusted professionals, are most likely to see the need for more formal business and family planning. It is hoped that this thesis may also persuade the family to share their dream of perpetuating the business and to guide the company and family in a way that will make that dream possible. This thesis can also assist employees and managers in understanding the overall picture of leadership transition, the role of a new leader, and the interaction between the new leader and the existing staff. Advice is offered that will help those in responsible roles. This specific advice may also help those who are simply victims or beneficiaries of a leadership change to gain insights about how to have greater influence over the process. My belief is that the family owned business can continue generation after generation, for this is the only reason for any of my writing. This thesis is about the transferring of power and the implementation of new management strategies in Franklin Produce a family business