2.2Journal_Parnham

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Management

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Apr 3, 2024

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Christine Parnham 2.2 Harvard Business Review Simulation and Journal Honey Farms: Journal One Value Creation and Competitive Advantage Creating value and gaining a competitive advantage for a family business across generations involves strategic planning, effective governance, and a focus on innovation and adaptability. I believe I did well in steering the family honey business toward growth, adaptability, and strong leadership. Throughout the simulation, the emphasis on the need for the business to learn, evolve, and adapt was listened to continuously. At the same time, implementing strong leadership continued the family business toward the family’s interest while also driving the business to more significant limits. All these decisions grew a hobby business into a global corporation, supporting many generations of the family. In terms of the competitive advantage, I brought in outsiders to guide the business further than what the family could while still trying to maintain the family’s desires for their business. Bringing in an outsider for the CEO position when the third generation did not present a strong candidate for the company, who had experience in other agricultural businesses. We are looking to expand into the personal products market while still trying to maintain the critical focus on honey. Formalizing the governance processes of the company by the shareholders. However, I hesitated to issue an IPO. I believe keeping the business a “family business” is essential. Many global companies today have not issued an IPO for similar reasons. Allowing outsiders to help guide the business but still having family control was necessary for the business. Thought Process

Growing up, my father owned a small business that he grew to be quite successful, but it was always his business; my family was not involved. The simulation opened my eyes to the intricacies of having multiple members of the business be family and the hardships that can come with that arrangement. As the company and the family grew, it became harder and harder to keep everyone’s wants in the forefront while trying to direct the company in a positive growth position. If the simulation were not a family business, I would have been more open to issuing an IPO and possibly growing the business faster. Even though my father pushed and grew his business, when it was time to make big decisions, it was always based on the idea of the business, not the family. He didn’t have to consider other's wants because they were uninvolved and had nothing to lose. The simulation would have diversified and grown faster with more outside help if that were the case. Discovery The first round of the simulation was enlightening because of the family aspect of the business. I believe the goal of a business is to make money, grow, and exceed your own expectations. However, when family is involved, that has to change because of the desires of all involved. The business would not have been global or national if I had focused solely on what the family wanted. If I had focused solely on the business, the family would have been cut out early, and it would no longer be the family business. Finding the balance of both, making hard decisions, and possibly waiting to make major decisions is the key to making both sides happy and prosperous.

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