BUSI603 CaseStudy5

BUSI603 CaseStudy5 - Case Study Five 1 Running head: CASE...

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Case Study Five 1 Running head: CASE STUDY FIVE Case Study Five Jeremy Dudley Liberty University
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Case Study Five 2 Case Study Five The Brown family has accomplished what few family companies have—built a long-standing successful family business. In fact, though the oldest family-owned business in the United States is almost 400 years old, only around 3 percent of family- owned businesses survive to the fourth generation (Parrish, 2009). These homegrown companies slip into insignificance for a variety of reasons. Many fail due to one generation’s inability to pass down work ethic and business sense, others because of the next generation’s disinterest or unwillingness to carry on the family business. The Brown family, like any other family that operates a business, has not had it easy. However, they have found a way to maintain continuity and establish a successful system for passing down the business through the family. There are several key ideas embodied in the Brown Family statement of philosophy concerning family and work opportunities. First, there is the principle of sticking together in order to fulfill the idea of synergy—the sum of parts being greater than the individual part. The Brown family also seems to be a somewhat exclusive bunch though they do include the direct descendants and spouses of founders P. and L. Brown (Longenecker, Moore, Petty, & Palich, 2008). The Brown’s do not believe in working for a paycheck, but instead place emphasis upon working hard for the overall good of the
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This note was uploaded on 03/11/2010 for the course BUSI 603 taught by Professor Dr.ellis during the Spring '10 term at Liberty.

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BUSI603 CaseStudy5 - Case Study Five 1 Running head: CASE...

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