The advisory solution will aim to eliminate the lack of gender diversity and incorporate more female employees in the company. The reaction to this solution would be negative in the beginning. The society in which my family business operates is men-dominant and they find it difficult to allow females to hold important positions within the company. However, once this negative reaction passes, they will see the position changes due to the new perspective in the family business and will accept the change.

I would choose the third advisory role for my family business. The main issue in the business according to me is the lack of gender diversity. The family businesses should also include female family employees into the company to develop new insight and bring a different perspective for decision-making. Proper mentoring and coaching from the advisory board would help the company realize the importance of ensuring diversity. This will also help introduce new methods for enhancing the company’s growth.

There are many lessons that my family business can adopt from the Ferragamo Family Business. Firstly, the company chooses the employees and successors based on their skills and qualifications. As my family business is run mostly by men, they should incorporate employees based on skills regardless of gender. Moreover, the company has ensured equal rights and salaries for the employees. This is a lesson for my family to give equal opportunity to every employee.

Business schools are shifting their focus of research from purely academic to societal issues that have a positive impact on society. These business schools are preparing the next generation of the family business by creating awareness about the issues such as crimes and climate change so that they become socially responsible owners in the future. However, this shift in the focus of research is time-consuming, but it will have long-term benefits for the family businesses.

There have been many cases in corporate history where family businesses were involved in illegal or unethical practices due to the lack of accountability. Due to these reasons, SEC and other authorities have been demanding high transparency and oversight on the family business operations. The owners of the family business must comply with these rules and ensure that all their employees are professional and have integrity. They must be accountable for their operations. The advisory of these businesses is also responsible to make sure that all decisions of the company are ethical and legal.

The non-family professional executives can be highly capable of changing the operations of the company. They bring their independent and unique viewpoint into the company. As my family business is also men-dominant, therefore, the new and different perspective can alter the decisions made by these men. The independent executives on the board of the company can shift the dynamic of the company and make it more competitive in the market.

The financial performance of the family business is satisfactory and reasonable. The finances of the company are managed by professional finance executives who are responsible for allocating the right amount of cash to the top priority activity. Moreover, the cash flows have been positive over the years. The maximization of profits is done by controlling the costs of the company. Experts are hired who are efficiently using the resources and enhancing the profitability of the company. This shows that the company is using different methods to increase its profits in the future.

The non-family professional executives are an integral part of a family business. They have both positive and negative impacts on the company’s operations. The presence of non-family professional executives can bring new and independent insight into the business. They can change the perspective and develop unique ideas for the success of the company. The lack of this independence can compromise the effectiveness of the decisions. On the other hand, these executives might also lack professional competence and work for their own benefits.

The family’s purpose and values are reflected in the business culture when every family employee gets equal opportunities and ways to contribute. This shows a level of good governance which is enabling every employee to grow. The respect and integrity of each other are present which is visible by the constant growth of the business. The company is doing pretty well in the market due to the effective communication and understanding among the employees.

My family business is generally managed by the men of the family. The culture is men-dominant, and the objectives of the company are also set by these men. The culture is developed according to the mission and values of the company while adding the family lifestyle and norms into it. The employees are given equal and fair chances to grow and evolve with time. There is unity, respect, and love among the family employees with regard to the ideas and strategies recommended by them.

My family business is a small company of family partnership that works as a real estate construction company. It is in the early stages where there are many responsibilities on the owners of the business. The quality of services provided must be ensured to move the company into the growth phase in the future. Moreover, effective planning and communication are crucial for small family businesses to gain a competitive edge in the market. Therefore, the owners of the family business are working to provide good quality services to the customers.

My family business is a small company of family partnership that works as a real estate construction company. It is in the early stages where there are many responsibilities on the owners of the business. The quality of services provided must be ensured to move the company into the growth phase in the future. Moreover, effective planning and communication are crucial for small family businesses to gain a competitive edge in the market. Therefore, the owners of the family business are working to provide good quality services to the customers.

The idea of agency can reduce informal communication within the family business. It might reduce the overall effectiveness of the employees by increasing professionalism in the work environment. In a family business, employees are usually communicating informally, and this helps the smooth operations of the company. However, the idea of agency can have a negative impact on that. There can be conflicts among the employees and as a result, the overall operations of the company are affected.

Family Businesses often face conflicts and tensions in the workplace due to close relationships among everyone. In my family business, the main cause of tension is the dominance of men in the workplace. This tension arises when very few female members of the family are hired and allowed to put their ideas forward. Another reason for conflict is the favoritism that arises due to it. This happens when more female members are willing to join and run the company.

2. My family business is a real estate construction company mainly managed by men of the family. Through this course, I would be able to learn and study how family businesses operate and succeed, and what important conditions must be met to join the company and make it profitable. I would then join the business and apply my learnings from this course into a practical environment that would impact the company. In this way, I would be able to bring a female perspective into the workplace.

The ideal time to pass on the baton to the successors is when they are eligible to succeed and handle the company. This decision must be made by the owners beforehand to avoid any conflict in the future. There are two main conditions for the successors to own the company. Firstly, they must have relevant skills and experience to lead the company and manage the employees. They must have work experience as the employees of their own company or another firm. Secondly, they must be able to manage the operations of the company to contribute to its success.