Exploring Transgenerational Entrepreneurship

Exploring Transgenerational Entrepreneurship

The Role of Resources and Capabilities

The Successful Transgenerational Entrepreneurship Practices series

Edited by Pramodita Sharma, Philipp Sieger, Robert S. Nason, Ana Cristina Gonzalez L. and Kavil Ramachandran

Transgenerational entrepreneurship, as a discipline, examines the processes, resources and capabilities that allow family enterprises to create social and economic value over time in order to succeed beyond the first generation of business owners. While tangible resources such as financial and physical capital are certainly important factors in the long-term success of a family-run business, this book focuses specifically on the role of intangible resources and capabilities, which are less easily quantifiable but equally vital.

Chapter 5: Successful family business ownership transitions: leveraging tacit knowledge

Rocki-Lee DeWitt and Ana Cristina González L.

Subjects: business and management, entrepreneurship, family business

Extract

Don Droppo Jr, new vice president of marketing was deep in thought. The reality of joining his father, Don Droppo Sr, owner and chief executive officer (CEO) of Curtis Packaging, had set in. The pleasant memory of their special après-ski conversation still resonated; his father had revealed the competitive potential he had built in Curtis over the years and the role that Don Jr could play in realizing that potential. The addition of John Giusto, a highly experienced paper-based packaging leader as senior vice president of manufacturing, soon after Don Jr’s hiring, meant that he would not be expected to realize Curtis’s promise alone. Don Jr knew his father had done something special in changing from an accomplished partner in an accounting firm whose clientele included Curtis to being Curtis’s owner. Don Sr had enhanced the presence of a proud business and trusted employer, successfully weathering business and personal challenges. Capacity had been added through the acquisition of another troubled paper-based packaging company.

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