As per the three circle we’ll be discussing the people involved in the business:
1. Family members who don’t work in the business and don’t own shares – Wives of the partners and the daughter.
2. Non-Family owners who don’t work in the business – Investors, Banks
3. Non-Family owners who don’t work in the business and don’t own shares – Employees, customers
4. Family owners who don’t work in the business – None
5. Non-family owners who work in the business – None
6. Family members who work in the business and don’t own shares – Sons of the partners
7. Family owner who work in the business – The 4 partners
This business is a family-first business as employment in this business by birth right. Giving control to an external manager in this business is not the path the founders want to follow rather they have it clearly underlined that the successors will the one’s running the next line of success. “A family-first business is one whose owners tend to think that providing employment and other advantages to family members is one of the primary purpose of the eneterprise” (C. J. Eckrich et al, 2011). Few examples of family first business are Reliance industries, Walmart Inc, Ford motor company and many more.
Coming upon the success of the business it is thriving through its time as on the particular moment but it needs to start speeding up the process so that income is generated and everyone connected to the institution see growth in the business that keeps them motivated for the business. But as the situation is arising whereas the successors are in to take over the business there is not much left in the business for them to do. To pass over the business the predecessors must act upon now, there business reputation has degraded down the years only few people know how it is from the inside where as for the society it is a big enterprise. It would be right to say that the management needs to start focus on both business as well as the family otherwise soon there will be nothing left of it and nothing would be there to pass on to the families.