Reference no: EM132802952

Situation 2 It took five tries, but Morris and Ellen finally succeeded as co-preneurs. They had tried businesses in different industries, but none was able to do more than put bread on the table-and they had five children to feed! But the fifth venture took off. They started a printing company specializing in designing and producing promotional brochures and grew it into the largest producer in their region. The time they spent in the businesses took its toll, however. At one time or another, each of their children joined the firm, and at one time or another, each was fired. The couple was distant from three of their children. Two children returned to the family business after working for other firms and learning that their parents were not that different from other business owners. Their oldest son was a good technician but invariably failed with any projects he took on independently. The younger son was recognized by employees and customers as skilled both in management and in interpersonal communication. Unfortunately, he had a felony conviction for drug trafficking and was prohibited from driving motor vehicles. Morris recently suffered a heart attack and has realized that he cannot continue forever. He and Ellen have to make a decision about the continuity of the business. Compounding their dilemma is the fact that they are in a declining industry, one in which electronic production is rapidly replacing paper.

Question 1 What advice do you have for Morris and Ellen?

Question 2 What recommendations do you have for preparing children to lead changes in a company?