The paper "Fancy Footwear - Problem Analysis" is an outstanding example of a management case study. Although Betty Kesmer was always a smart individual, the case of Fancy Footwear presents a unique set of complex problems that cannot be addressed simply by having a strong plan for leadership backed by theory as Betty had. Betty went to work at Fancy Footwear, her uncle’ s company, after school and was singled out as one of the most impressive employees. So impressed was the company that it agreed to pay for her MBAs, which she completed, performing excellently.
She always related many of the things she had been taught to her work at Fancy Footwear, and when she came back and received a leadership position, she was ready, or so she thought. She thought she understood the pitfalls of managing a company, and actively sought to avoid them. However, in doing so, she ended up creating a whole new set of problems for herself and the company. Betty Kesmer’ s case highlights a variety of management problems. The first issue that comes to mind is that of succession in family-owned businesses.
Despite the fact that she had always been brilliant in school, there is no getting away from the fact that Betty’ s rise to the top can be attributed to her relationship with the owner of the company, her uncle. The fact that her uncle took her through her MBAs might be a contributing factor to this conclusion. Secondly, Betty and the Fancy Footwear case highlights the issue of organizational culture and norms, and how changing them affects the organization. An important dynamic to consider is the effect of including all the stakeholders in the changing decision-making and design process.
Betty’ s failures at Fancy Footwear also highlight the issue of management styles and how they affect perception and performance in the organization. This paper offers an in-depth analysis of the problem and provides possible intervention plans for getting the company back on the right track. Problem analysis Succession planning in family-owned businesses: Mentorship and transition Succession planning is an important aspect of business that must not be ignored especially in small and medium family-owned businesses. Family-owned organizations have been found to have gaps in governance, succession planning and board operations (Deloitte, 2013).
According to the family business institute, as family businesses transition from one generation to the next, the rates of survival reduce. Only 30 percent survive transitions from one generation to the next, with a further 12 percent surviving the third generation, and only 3 percent surviving the fourth generation (Family Business Institute, 2015). With this in mind, it is important to consider several aspects of succession planning in family-owned businesses that are important to this business case. In situations where it is obvious that one family member will be taking over from the other as was in the case of Betty, it is important to have as much mentorship as possible.
Mentors impart the knowledge they have garnered over time while running the business during their generation, and in doing so, ensures that part of their legacy continues in the business. Mentorship has been associated with improved job performance, satisfaction rates, higher salary, upward mobility and higher salary (Kumar & Blake-Beard, 2012). While there was considerable preparation by Betty and her uncle to have her take over a management position in the company, she did not have a formal or informal mentorship with regards to taking a management position.
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