Plummer Jr Case Study

1.

Business that is owned and managed by two or more members of the same family is the simplest definition of family business. This type of business, jobs is circulated according to blood. Mangers or heads of the business is usually the eldest of the family or the owner of the business. All the other high positions are posses by family members and the lesser important vacancies are taken my randomly.

Since this type of business involves family members, it is essential for the elders in the family to prepare the next generation for taking over the business. Some of the ways of preparing next generation are, Firstly, starting at an early age to be confidante they learn the leadership skill from its beginning stages like working part time

Plummer Jr. has many skills but wasn 't interested in taking over the family business, which is the main quality of an entrepreneur. The reasons he worked in his father business was his father 's bad health condition, Plummer Jr passion was for his past job as an army doctor. He also lacked of confidence, firmness. In addition to all this he is inadaptable to change. In the end, the most important quality of an entrepreneur is to be adaptable and have ideas. Wherelese Jr thought sealing the business and freelance his job as an army doctor when his business had a break

To began with his son who lacked passion in his father business but was obligated to work with him due to his father sickness. Plummer Jr worked in the company from nine years and was named a successor by his father. After the death of Plummer Sr, his son found out that 24% of the company sales were declined. The company suffered from a poor financial managing, which was managed by his father, who 's willingly helped his employee financially that caused a swollen pay roll. Salaries were paid to employees who literally didn’t do anything. Hiring employees wasn’t done by experts but was done according to relations. The owner hired his friends instead of qualified