Having previously sold Stitch It to its existing owners in 1990 (keeping the chief executive officer (CEO) position), the founder and CEO was presented with an opportunity in 2003 to repurchase the business. Having originally sold the business because he was too cash strapped to grow it himself, Stitch It had grown from three shop locations to 84 stores under three brand names dispersed throughout the USA and Canada.
In determining whether to buy back the company he founded, CEO and the founder also needed to contemplate his daughter Jennifer's expressed interest in becoming an executive in the company. Would he provide Jennifer with the proper technical training to become familiar with all aspects of the company, and improve her business acumen and leadership skills? CEO and the founder had one week to inform the owners of his intention to buy and he felt it was a good deal, considering the opportunity for growth. Even if the founder and CEO purposed to buy back his firm, he wondered how to train Jennifer to take over the business one day.
Stitch It Group Inc. case study solution
PUBLICATION DATE: March 17, 2009 PRODUCT #: 909M22-HCB-ENG
This is just an excerpt. This case is about LEADERSHIP & MANAGING PEOPLE
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