Summary: There are various advantages and disadvantages of a sole proprietorship business. A sole proprietorship business may be run by family members and this can have a tremendous opportunity or a nightmare. Some families share success, challenge and opportunity in such business. Other families split apart and don’t even want to talk to each other. To improve relationships among family members we can establish a group like SOB which will offer a set of practical guidelines and some roles and regulations. These guidelines may include preventing harsh, emotional conflict, personality clashes etc. among family members and help to lead an organization toward its goal.
Answers to the following questions
1. Why would a business’s founder such as Joseph Rothberg be so emotional about how the company is run and operated?
Ans: Joseph Rothberg established a family run business there were a lot of troubles. First, Rothberg had no heir apparent and that’s why he shared his business with his son-in-law. But finally conflict, personality clashes, arguments and accusations were arisen between them. So Joseph Rothberg was so emotional about how the company is run and operated.
2. Should Nolan work out a transfer of ownership plan with his father-in-law? Why is succession planning so important in a family owned business?
Ans: I think, Nolan should not work out a-transfer-of-ownership plan with his father-in-law because they are different in their philosophies and their relation is not well also. Succession planning leads the family members to enjoy the personal benefits and helps to continue a meaningful business. So succession planning is important in family owned business.
3. Of what value to Nolan is a group like SOB?
Ans: A group like SOB offers its members a set of practical and useful guidelines such as preventing harsh, emotional conflict, personality clashes etc. As Nolan has such problems, so a group like SOB has a...