The CARDON FAMILY Case Solution
Introduction:
After doing his graduation, Wil Cardon is running his family business named Wilford which is a family owned business by his father, uncle and his cousins and the Wilford is operating in investment industry. Wilford was started by the grandfather of the Wil Cardon and he started the business by owing the gas station. The grandfather of the Wil Cardon and his other brothers started the gas station by collecting all their money and then they changed this gas station into the private service station which was a successful experiment and then they started investment in real estates and commercial properties which helped them to invest in more than 150 businesses at that time.
The Wilford was a completely family owned business at the time of the grandfather and this process continues from generation to generation and currently the younger generation of the family who is running the business expected to transfer the business to the next generation including Wil Cardon.
At the time of the start, Cardon family faced several issues in order to start the business as bankruptcy of the S &L in Arizona filling resulted in the crisis situation for the Wilford as this bankruptcy leads to the highly geared position of the company because at that time the Wilford made several partnerships and buying of land though debt in order to survive and this lead to the total debt to $250 million which was a significant amount at that time but the Cardon family manage to survive and grow slowly which makes the Wilford a successful family owned real estate investment business.
Problem statement
As the Wil Cardon is a Harvard graduate and left his dream job in order to join the family business but the business is facing the governance and structural issues as transferring the ownerships from older generation to the new generation makes the structure and culture of the Wilford more complicated and Wil Cardon is concerned about the whether joining the family business and leaving the dream job is a good option for his future career growth and for his family business as well.
Analysis
The Wilford is facing cultural and structural issues as trending of transferring the business from old generation to new generation affects the business significantly and currently the business is facing severe financial issues due to the current culture and structure of the business.
In addition to this the Wilford is facing management issues as well because most of the family members supposed to be compensated unfairly and also supposed that they are bearing extra pressure because family girls did not take part in the business at all but they were enjoying the whole benefits as the boys of the family were enjoying but for their work.
Moreover the Wilford is also facing the control issues due to the continuous shift of the business from one generation to the other which makes the business more complicated and each players act independently to make future decision about the business which is aging a serious threat to the business......................
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