Family Own Business Essay Example | Topics and Well Written Essays - 3500 words

Family Own Business - Essay ExampleHowever, the prime target of the paper is to generate a transition plan for the company with an aim to increase its task success rate. Torrini A Family Owned Business Torrini is remarked to be a dignified name in the family business sector of Europe and is based in Italy. It is one of the ancient family business squares in the county which has flourished for a period of sextet centuries. The firm produces various kinds of fashionable, high priced jewelleries ranging from rings and precious stones to luxurious watches and even perfumes (Torrini, n.d.). History of Torrini The establishment of Torrini as a jewellery designing, producing and marketing firm bum be recognised during the 16th century. However, its roots lay in the 14th century, in 1369, when Jacopus Torrini the founder of the firm settled in Florence as a forger of armour. With the growth of the economy and also due to the transformation in the lifestyle preferences of the county peo ple, Jacopus Torrini initiated to diversify his business in the production of unique and luxurious fine jewelleries (Torrini, n.d.). Since 600 years, the firm has provided a few noteworthy contributions to the creative industry in Italy and other economies of European region. Presently, it is categorised as one of the most prestigious and successful family have businesses in the region. Subsequently, the management responsibilities have been solely on the family heirs. In other words, the skills, knowledge and creativity were handed down hereditarily to design Torrini products. The firm in the break context is supervised under the leadership traits of Frabrizio Torrini. The other family members having a... This essya stresses that while executing the transition plan the leaders should provide extensive consideration to the conflicts likely to turf out among the family members including the potential heirs of the business. In this regard, the leaders need to depend entirely on the ir conscience and knowledge due to the fact that there are no specialised theories prescribed to manage a family business and the conflicts arising during transitions. Torrini, as a brand holds remarkable potential to create strong impulse on the targeted customers. This paper makes a conclusion that family business groups have gained considerable significance in the modern era due to their remarkable inclusion in the economic growth. After the modern economic downturn, the western economies including the European economies have started considering family business units as a crucial element to stimulate their growth providing wider scope to the family business entities. However, the leaders of family business entities are often recognised as reluctant to adopt change due to the fear of losing control and/or disturbing the values preserved in the business operations. This can also be identified in the case of Torrini. On the contrary, in the case of Swarovski the business has adopt ed a modern and strategic technique to ensure the growth of the brand without disturbing the interests of the family leaders and the heritage of the brand providing its wider scope to prosper.