"The more we care for the world, the better our wines..." The man was on a mission. He had his hands full with just two years to go before stepping down from the direction of the enterprise. Not only did he want to ensure that he'd leave his ancestors' distinguished house in able hands but also the values the company espoused would prosper. The heritages had to go beyond family and values though: Miguel Torres wanted to convince his family, employees and the remainder of the wine industry that climate change was already impacting the company.
Environmental accountability had to turn into a part of the Torres family legacies. And that was still not apparent to most. When he chose global warming to Rioja wine producers in 2009 as the subject of his keynote address, the reception was lukewarm. Winemaking peers challenged his precedence. After all, there was a worldwide crisis and wine sales were down more than 10%. Why worry about long term climate problems when there were more pressing short term challenges to handle? Was climate change even real? But Miguel Torres had a long term perspective: "In the wine business one needs to believe 15 years ahead. Forget weather statistics: facts are telling. In less than four decades, harvesting of the grapes in the Penedès region had to be brought forward more than 10 days on average." Climate change was occurring today and it was affecting the company. Another concern for Miguel Torres was how to transition the company to the fifth generation. How could he make the business appealing for the best non-family managers? How could he nurture the "kids" after his retirement? Learning objectives: Family business long term perspective, sustainability, impact of climate change on the wine business, social and environmental responsibility of business, managing the sequence procedure, brand building and direction in the wine sector.
PUBLICATION DATE: September 13, 2010 PRODUCT #: IMD517-PDF-ENG
MIGUEL TORRES ENSURING THE FAMILY LEGACIES Case Study Solution
This is just an excerpt. This case is about LEADERSHIP & MANAGING PEOPLE
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