Lesson 11 Reflections

This week I have learned about family business and the things that should be done to have a great family business. I really like the reading on Val and Chris on the efforts to have a business of their own. I think Val and Chris would be a grad "A" team.  Their profile and interest tells me they would a great team."It had been a year since they’d begun trying to build a chain of upscale drycleaners. They had become industry experts. Chris and Val were classmates in the MBA program at Harvard Business School. Val had spent four years as an investment banker in New York, and Chris had sold capital equipment in Cincinnati for his family’s company." They put in lots of efforts researching the industry together and that to me is the mark of a great team.

"[They] were determined not to go back to our former careers, and the on-campus recruiting choices seemed unsatisfactory. We both wanted to run our own business." They have worked for some years in different fields and have gained lots of experiences that I think are more than enough for them to use to start the business. as it is stated if they are really determined to have their own business, I think they should start rather than seeking to buy one, This way, they can put the training and experiences into action. They have the contacts as well that would help them raise the amount of money they would need for the business. So instead of going place to place looking for business to buy, they should just start one.

As I read, I noticed that the experiences they each have had from their previous occupations gave them the knowledge on how to research the industry they are interested in. and I must say that they did a really great job putting facts and figures together for the business, I would invest in the business because I know that they know what they are going into and they have the ability to manage things in such a way that my investment would not be a waste. Besides, they have contacts that can help them grow. they already know what opportunities that exists in that industry and they already know what changes to put in to get customers.

Another thing I learned this week was about Erick Slaubaugh who was 19 years old when he became one of the main people in the family business and later become the CEO at Absco after working for many years. It was the same place he refused to work when he was just 15 years of age. His family sold their house to keep up with business because they  lost a major client. After the revival of the business Erick Slaubaugh bought 25% of the family business. Things were not going fine but he was willing and made lots of sacrifices. It took courage to make those sacrifices. He was not getting the kind of outing especially someone of his age would expect to have with friends and peers. His friends thought he was really missing out. He says that anyone can run a business. In his teen years he did not know it all. He did not like to ask questions because he felt like it showed weakness towards his coworkers and clients. He now looks back and wishes he would have asked questions. He says that mentors are important at whatever age you are at. He is always asking questions and for advice. He does not know everything. He says that what he does is very rewarding. In tough situations, make sure that your values be your guide. I so much love that advise.

After going through the reading this week, I am thinking if I should make my business a family one or something of mine alone. My $100 project is going fine and I am happy for the moves that I have been able to make this week. I am very positive that things would go fine.