In the case “The Cousins Tournament”, the main issues facing the company is that Al Blanchard decides that he is ready to retire as President of the family business, Grandview Industries, founded by his father, George Blanchard in 1934. Al has overseen the business for 27 years, along with help from his brother Morris. But with the New Year’s Eve announcement of Al’s upcoming retirement, a lot needed to be discussed, specifically in regards to the succession of the family business. In the current state of Grandview Industries, there was no succession plan. With Al now planning a retirement, he and Morris is forced to plan for the business’ future. After discussing it over with each other, they sought the knowledge of a close business friend, Peter and an appointed council. The succession plan and the future of Grandview Industries would be determined through this council. Some of the issues that Al Blanchard and the company face are: the urgent succession plan; the succession plan following the appointment of the new President; explaining the essential roles within the business; defining the company’s goals; and determining the executive committee or board/council. These challenges will be tough, but will need to be addressed with the family business at the forefront. Even though Peter has been selected as a business advisor, Al and Morris Blanchard will need to approve all decisions; they will not be able to take the “back seat” at this time, especially if Grandview Industries will continue to be successful.
Because family members assume active roles in various parts of their own family business, they must ensure that the above mentioned details are discussed well in advance, and ultimately determined prior to. But as we see in this case, because of some sibling-spouse conflict...
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