Week 3

Week 3

1. What stage of the family business Lifecycle is your family business in?

   1. Though he started the foundation years ago, the first established business which intends to generate more funding for the foundation was established by 2017. Hence, I would argue that our family business in the Ownership phase. Despite our shares in the company, my father is the sole manager and owner of the company as he is the only one who has physically invested money.

2. In what way does this stage reflect a ‘problematic’ and challenging stage? How does this stage of your family business’ lifecycle contribute, affect or erode the business and ownership dimensions of your business?

   1. The company was founded while we were still undergraduate students. As children, our sole contribution was signing a contract in which we agreed to our weight within the company. We did not contribute financially nor did we really know what the business was about during the time of its creation. I think that we were more focused on our own development as college allowed us to know more about who we are. Indirectly, I believe that it was a foundation that gave total power to my father in the decision-making. It never really bothered us when we were in college. However, as time passes, we felt the need to be more involved in the decision and brainstorm process. This sort of created a clash between us and our father. He still perceives us "kids" and it is really hard for him to let someone else be in control. I believe this is the biggest problem and challenge faced within this stage.

3. What transition do you envisage for your family business’s lifecycle stage in the coming 10 years?

   1. I think that in the next 10 years, our family business will be in the sibling partnership stage. I think that my father wants this firm to be solely managed by his children and passed down to their children. Thus, I think that our family business is a long way from being in the cousin stage.

4. How do you anticipate your family business and its owners and agents (including yourselves), reacting to these changes?

   1. I think that the sibling partnership stage will be harder to reach/accept for my father because he is used to being in control and the main provider. As far as my siblings, I think may be an opportunity for us to implement more changes freely without it being underestimated because we are kids.

I would like to know if this a recurring issue within family business. At what point do kids are regarded as partners with potentials rather than just children who know nothing? Are other people in the same situation?