Management Succession Issues in Family Business (Part I)

Management Succession Issues Cornell University
in Family Business (Part I)

by Bernard L. Erven, Professor and Extension Specialist
Department of Agricultural Economics, Ohio State University

Each family with a business faces the reality that the business will eventually end or have new managers.This reality is independent of the founding and previous managers’ successes in building the business and their current success and stature in the community.This paper focuses on key issues involved in facing this reality of management succession.In particular, the focus is set in the context of assistance to family business managers by extension specialists in the human ecology and agricultural sciences.

The human ecology and agricultural sciences have a rich history in teaching, research and extension designed to assist family businesses.Family has often been separated from business in this work.Serious attention to assisting family businesses with their succession planning and implementation requires that the family and business be fully integrated in analysis and programming.The “building bridges” theme of this conference is consistent with the practical problems of most concern in management succession in family businesses. More…

After 79 Years of Family Tradition …

by Rebecca Pole and Justin Craig
Australian Centre for Family Business, Bond University

Business History

Whilst many viewed the early indicative signs of the Great Depression last century as insurmountable obstacles, true entrepreneurs like Harry Lea saw them as an opportunity. From modest beginnings in a street pushcart and barrow, his business, Darrell Lea Chocolates, was a virtual overnight success. A unique chocolate experience, Darrell Lea’s customer driven concept evolved from fulfilling a suppressed customer need in a time of desperation, poverty and grief. Rising in the face of adversity, today Darrell Lea is a 100% Australian owned family business icon with annual revenues of over $80 million, over 400 stores nationwide and a customer base extending over more than 14 million people. An impressive market share when the total Australian population is currently about 20 million. More…