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The three entrepreneurs were able to pool their collective knowledge. Partnership agreements can ensure that risk is shared by all individuals with a stake in the enterprise: however, unless the partners are in agreement about the direction of the business, it can cause divisiveness and divert attention away from crucial aspects of organizing the business. Williams chose his partners carefully, and his decision seems to have proven successful. Even with the pooled resources of his partners, the company was underfinanced during its early years of expansion, although its struggles actually worked in the company's favor in the long run: using women from churches to market the product (in exchange for donations) associated the food with positive religious influences in the black community, and the extra time enabled Williams to find farmers that would act as an affordable source of fresh produce.
Williams was determined to be loyal to his partners, and never accepted offers of venture capitalists, which would have diluted his equity portions and those of the co-founders. Although...
Research the topic of succession planning.
The only potential problem with Glory Food's approach was the succession issue: Williams' death meant that the partners had to reformulate a new organizational vision, without his guiding hand. Key lessons from succession planning:
-Redesigning the capital and management structure may be necessary upon the death of the founder (Poza 2008).
-Remember that times change and an ownership structure that worked well for one generation may not be true of the next. Also, the company may have grown or its market base may have shifted (Poza 2008).
Reference
Poza, Ernesto. (2008, October 17). Family business succession issues. BusinessWeek.
Retrieved March 17, 2010 at http://www.businessweek.com/magazine/content/08_70/s0810038729083.htm
Reference
Poza, Ernesto. (2008, October 17). Family business succession issues. BusinessWeek.
Retrieved March 17, 2010 at http://www.businessweek.com/magazine/content/08_70/s0810038729083.htm
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