Essays on Family Business: Riad Terra Bahia Assignment

Download full paperFile format: .doc, available for editing

The paper "Family Business: Riad Terra Bahia" is a good example of a business assignment.   The key stakeholders that influence family businesses that have been passed down one or more generations are the parents, the active and non-active sibling shareholders, spouses, and the non-family members. This is an essay discussion of the nature of the family business, Terra Bahia based in Marrakech, Morocco. It works to give the guests the Moroccan experience in its cuisine and service. The business has been owned by the Corry and Thierry family who intend to pass it on to me, their son. 1)The Family business The family business is a hotel riad called Terra Bahia.

It is based in Marrakech, Morocco and my parents obtained it ten years ago. The intention is to hand over the business down the family tree where I am the one expected to take over the governance of Terra Bahia. As the family business, its aim is to give its guests the best Moroccan experience in the form of some of the dé cor and the food offered at the hotel. It focuses on giving the best possible service aligned with the vision and mission of the business.

(Kindly insert the mission and vision statements of the hotel here). The hotel was purchased by my family in 2007. It started out as a hostel mainly used for accommodation after which it rea into a larger resort that hosts numerous guests and has listings on various online accommodation booking platforms. It has experienced struggles such as… (kindly give me more information about the financial history of the hotel, the challenges and the most profitable years). 2)About the Family My name is Thomas.

I am from a nuclear family of 6, my mother, father, three siblings, and I. I am the youngest of my siblings where ahead of me are two brothers and a sister. My mother is called Corrine and my father is called Thierry. My two elder brothers are Remain and Antione and my elder sister is called Emilie. Despite being the last born, I am the sole heir of hotel riad, a family business that my family has owned for ten years. It is currently under the ownership and management of my parents. We all get along and have no history of family major fights.

We also communicate often and meet often which ensures that we remain close enough to care for each other and maintain enough knowledge of each other to ensure that we help each other at all times. Although my siblings have little interest in the business as compared to me, the family business is open to selling shares to all interested parties, including my family members. It is for that reason that our parents keep reminding us about the importance of transparency and honesty in communication which they insist must be frequent.

That is because the greatest causes of the failures of family businesses are family feuds, especially in cases where siblings have joint ownership or where those not directly involved in the business have shares in the business. To avoid that, our parents made sure they named me the sole heir based on genuinely honest terms.

References

Bellet, W., 2015. From one Geeneration to the Next: Can the family business survive?. Nashville Business Journal, 1(1), pp. 11-15.

Boudewyn, A., 2017. 5 tips for smooth ownership transitions for family businesses. Nashville Business Journal, 1(1), pp. 1-7.

Caspar, C., Karrina, A. & Elstrodt, H.-P., 2010. The Five Attributes of Endduring Family Businesses. [Online]

Available at: http://www.mckinsey.com/business-functions/organization/our-insights/the-five-attributes-of-enduring-family-businesses

[Accessed 24 6 2017].

Cook, S., 2016. How to overcome the ‘family business curse’. Nashville Business Journal, 1(1), pp. 1-7.

Graves, K., 2016. How subsequent generations can sustain a successful family business. Menphis Business Journal, 1(1), pp. 1-04.

Hoy, F. &. S. P., 2009. Entrepreneurial Family Firms. .. 1 ed. New York: Prentice Hall.

Keyt, A., Entrepreneur. The Four Forces that drive Family Business Success. [Online]

Available at: https://www.google.com/amp/s/www.entrepreneur.com/amphtml/250416

[Accessed 24 6 2017].

Lonely Planet, 2017. Riad Terra Bahia. [Online]

Available at: https://www.lonelyplanet.com/morocco/marrakesh/hotels/riad-terra-bahia/a/lod/84113384-128e-437f-af00-5274007cbc0a/1316370

[Accessed 24 6 2017].

NAPW Admin, 2016. Built to Last: Heritage and Tradition in Family Business. [Online]

Available at: http://blog.napw.com/built-to-last-heritage-and-tradition-in-family-business/

[Accessed 24 6 2017].

Rebrovick, A., 2003. Family business: Train future leaders today. Nashville Business Journal, 1(1), pp. 1-7.

Sharma, P., Blunden, R., Labaki, R. & Michael-Tsabari, N., 2013. Analyzing Family Business Cases: Tools and Techniques. HBR, 1(1), pp. 1-20.

Download full paperFile format: .doc, available for editing
Contact Us