Fransisco Sr.: The Vega Food Company
The Vega Food Company
The Vega Food Company had been led by the family of Valle for years. Fransisco Sr. had been a self-made entrepreneur and for him the topics that were discussed on the first family council meeting had not been a concern of his. Board meetings had only existed on paper and only family members were on the board. There was a huge lack in well-organized family forums and board of directors. Fransisco Sr. had never really been very concerned about establishing sophisticated accounting procedures and other systems, so something needed to be done. He was from the older generation, as long as things worked the way that they have always worked, why change the system? He felt comfortable in the way things were done while he was …show more content…
died in a car accident Fransisco Jr. became the new president for the company. Some of the sisters were concerned about the future and how their interests as shareholders would be protected. There had always been a lot of love and caring in the family but there was less evidence about respect for titles, hard work and formality of any kind to name a few things. The family didn’t really have a good financial responsibility. When Fransisco Sr. was alive, dividends had been distributed infrequently. Fransisco Sr. usually granted request as a generous father should, so the children have never had to worry about their financial situation. Now that their father was gone and some of the sisters did not trust Fransisco Jr. they needed an action plan. Especially the youngest daughter, Mari, was concerned about her financial future for her small family. As I mentioned in the beginning it seems that when Fransisco Sr. was alive he liked to do things his way and didn’t seem to care too much about formalities and hierarchy. Of course everything worked out fine when he was leading the company but when he died it is hard to distribute the power equally to five children and a widow. The family realized this once he was gone and decided to take things in their own hands and work out a system to avoid
The Vega Food Company had been led by the family of Valle for years. Fransisco Sr. had been a self-made entrepreneur and for him the topics that were discussed on the first family council meeting had not been a concern of his. Board meetings had only existed on paper and only family members were on the board. There was a huge lack in well-organized family forums and board of directors. Fransisco Sr. had never really been very concerned about establishing sophisticated accounting procedures and other systems, so something needed to be done. He was from the older generation, as long as things worked the way that they have always worked, why change the system? He felt comfortable in the way things were done while he was …show more content…
died in a car accident Fransisco Jr. became the new president for the company. Some of the sisters were concerned about the future and how their interests as shareholders would be protected. There had always been a lot of love and caring in the family but there was less evidence about respect for titles, hard work and formality of any kind to name a few things. The family didn’t really have a good financial responsibility. When Fransisco Sr. was alive, dividends had been distributed infrequently. Fransisco Sr. usually granted request as a generous father should, so the children have never had to worry about their financial situation. Now that their father was gone and some of the sisters did not trust Fransisco Jr. they needed an action plan. Especially the youngest daughter, Mari, was concerned about her financial future for her small family. As I mentioned in the beginning it seems that when Fransisco Sr. was alive he liked to do things his way and didn’t seem to care too much about formalities and hierarchy. Of course everything worked out fine when he was leading the company but when he died it is hard to distribute the power equally to five children and a widow. The family realized this once he was gone and decided to take things in their own hands and work out a system to avoid