4-2 Harvard Business Review Simulation and Journal

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Southern New Hampshire University *

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R6321

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Management

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Nov 24, 2024

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docx

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Uploaded by AdmiralTurkeyMaster546

4-2 Harvard Business Review Simulation and Journal BMC segment changes: Over the course of four generations, the business model of a small local honey farm evolved significantly, charting a new path for growth. A crucial aspect of this evolution was the change in leadership, with Liam succeeding Arnold and introducing noteworthy modifications. Liam spearheaded changes by directing funds towards research and development to diversify the product offerings. His overarching strategy involved taking the company public, a move that not only brought in new perspectives and ideas but also broadened the business's potential for future expansion. The effect of decisions: In my decision-making process, my primary focus was on driving business growth. Many of my choices were centered around what would be most beneficial for the company, even if it meant potentially upsetting some family members. I understood that bringing in new employees and opting for an IPO might not sit well with certain family members, but I believed that the success of these decisions would eventually justify my choices. With the introduction of an outside CEO and other advisors, additional processes, including a governance framework, were established. These measures contributed to the overall structure and efficiency of the company. Subsequently, I made the challenging decision to sell the company. While it was not an easy choice, I saw it as a strategic move to diversify. Diversification, I believed, would enhance the company's potential for further expansion in the future. Though it involved some tough decisions, the overarching

goal was to secure the long-term success and growth of the business. Explore your decisions: Throughout the simulation, I meticulously reviewed each script and took into account the opinions of every individual involved. My objective was to thoroughly understand all the information available, enabling me to make the most informed decisions for the company. I carefully assessed the potential impact of each decision on the business and weighed the options to determine the most sensible course of action. It's important to note that not all of my decisions were universally embraced by every family member. Nevertheless, each choice was made with careful consideration of its implications for the business, both in the present and in the future. The overarching goal was to prioritize the long-term success and sustainability of the company. Assess your decisions: In reviewing the outcomes of my business decisions, I am confident that the choices I made were appropriate for fostering the growth of the company, especially when expanding into new markets and introducing additional products made strategic sense. The business not only flourished under my leadership but also succeeded in generating substantial generational wealth for my family. Successfully transitioning into a global international business indicates the effectiveness of these decisions. Additionally, the business was able to sustain a balanced family relationship, rated at a medium level, while maintaining a high ownership value.

References Family business simulation: Honey heritage. (n.d.). https://forio.com/app/harvard/family- business/#/timeline

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