Goodwin Sporting Goods Essay Example

his They should hire a board of advisors who can assist them with making this decision.

At the moment it is very difficult to say who but someone who will analyze their current situation and look to provide solutions. They should also look into getting an attorney or management consultant to allow them to understand the feasibility of the growth plans. They should also Recommendation to keep the business. Peter should be made to buy the business if he wants to continue running the business. Let peter run it and place the mom as the trustee for the ownership of the business. Jim could pass of the business to peter and then he has to provide money to Fred and Mary

Peter pushed for his father to invest more in the business, streamline, expand nationally and become a modern apparel company to increase revenue and profitability. Peter was concerned that the company was missing opportunities and as he always said, uniform either moving forward or falling behind. " He constantly vocalizes his desire to become the president and grow the company to the next level. Peter "wanted his turn at bat" and this dynamic caused tension between Peter, his father, and other members of the family. Mary was 43 and married to a high school teacher.

The family business helped provide her family with a lifestyle that was well beyond their means and Pam wanted this support to continue. The youngest child was Fred, who at age 38 had serious long-term medical issues that preventing him from working. Both Jim Jar. And Pam felt that they would need to provide for him financially for the

rest of his life. What should they do now? Family meeting Address issues with the children Ask peter to provide business plan Reveal financial situation of the family Make the family reduce their expenditure and learn the value of money.