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Family Business Presentation

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Chris Thibodeaux

on 22 April 2010

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Transcript of Family Business Presentation

Company Background: Steve Parrish defines a family business as “any closely held business where the issues of family relationships among the owners and key employees affect the business as a whole”
We want to see what a family business looks like before it really becomes a family business according to Poza Our Approach: Dan Hollingsworth started the company 25 years ago with his wife
Company was designed for sustainability and long term growth
Little risk taken
Inventory has reached over 30,000 trees
Number of full time employees rarely exceeds 20
Competitive with industry leaders
Currently being hurt by economic downturn

Corruption and Christianity in the Industry Bribery Bid style of doing business promotes dishonesty
Landscapers and architects must approve bid
Most industry leaders treat the customer "very well"
Some go as far as sending them cash on a regular basis

Christian Principles Treats customers with respect and kindness, but draws the line there
Cares for employees as if they were family
Cut hours instead of laying people off
He knows he could make more doing business the way others do and there is little advantage to the way he does business

Succession Where is this company going next?
Wants to see the company stay in the family
Miguel (lead manager) is best fit to lead the company
Family members lack knowledge to lead company or don't have a desire
What about Miguel?
Wants bigger and better
Currently receives 2% of sales
Needs incentive to stay
Wants to purchase a portion of JoDan Farms The issues
Nursery land is personally owned
Water supply is used for several family member homes and nearly impossible to separate
Dan uses company for personal issues i.e. trading trees for services Our Recommendations 1. Start succession planning early
Dan has done some work already dealing with land, more is necessary
2. Involve the family in the decision making process
Discover who the potential candidates are and focus on them
3. Look at the family realistically and plan accordingly
A choice needs to be made either to sell or pass the company on
4. Get over the idea that everyone needs to have an equal share
Dan understands this principle and knows many in the family are not capable of making good business decisions
5. Train the successor
6. Get outside help
Expert advice can prove to be beneficial when family members can tend to be close minded THE END CREATED BY: CHRIS THIBODEAUX & TIM CAMPBELL BUS464: FAMILY BUSINESS MANAGEMENT
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