NOTE: There are 6 questions and each questions requires a MINIMUM no need to format in

APA or any other such as MLA, just simply answer the questions. Do not exceed 3 complete paragraphs

please. These are not essays.

1) Read "The Stories of Two Very Different Family Cultures" on pages 32-35. Question:

Distinguish between the two family businesses. What are some of the key differences between how

these two family businesses were managed? Analyze the management concepts at work in both cases

for impact on the family businesses. Conduct some additional research, such as looking at the leadership

council of the Seattle Times, for

insight: http://www.seattletimescompany.com/communication/leadershipcouncil.htm.

Initial posting minimum

Readings: THE STORIES OF TWO VERY DIFFERENT FAMILY

CULTURES

The Binghams and the Louisville Courier-Journal

Companies

The following stories convey how differently secrecy, open communication, family

cultures, and policies guiding the interaction between a family and its business can

influence the fate of a family company.

Barry Bingham, Sr., had just announced that the Louisville Courier-Journal would be

sold. The Binghams had remained unable to communicate and resolve the differences

between members of the family. (If you have not already done so, please read Case 1: The

Binghams and The Louisville Courier-Journal Companies for additional background

information.) An agreement was reached on that fateful day with the Gannett Company,

and the Bingham family members cashed out. All emerged cashrich, but some who cared

about the legacy were heartbroken.

Much had gone wrong in the Bingham family's leadership of the Louisville CourierJournal and its other media properties. Absent was a visible commitment to continuity on

the part of Barry Sr., the chair and CEO. Also absent was a board with independent

outsiders. Lacking too was spousal leadership by Mary Bingham as a trust catalyst (a

facilitator and communications catalyst); she could have provided the glue that would have

kept the Bingham family united and focused on a win-win environment.9 Relationships in

the Bingham family appeared to be characterized by an emotional distance, which created

an irreparable gulf between adults of two generations. Barry Sr. never vested full authority

in Barry Jr., as evidenced by several instances of second-guessing his son, the president,

and by his retaining voting control. By never communicating his commitment to continuity

or his plans to transfer voting control to his son and by approving the sale of the company

when a consensus could not be reached, he frittered away his power as a father, a CEO, and majority owner to promote continuity across generations. Continuity, at least in retrospect,

would have been preferable to the observed outcomes—high capital gains and estate taxes

paid by Bingham family members, an extended family that remained fractured and distant

after the sale, and the loss of jobs and a community-responsive local newspaper.

The sale of the company did not, after all, bring the family together as Barry Sr. had

expected. Each member of the third generation went off on her or his own. Years later, their

conflict would remain unresolved. Several fourth-generation members openly regretted the

decision to sell the company and the loss of identity, legacy, and opportunity that it

represented for them. After all, the dream that "someday all of this would be theirs" had

found fertile ground in their minds as they grew up. Many of the actions that the Binghams

could have taken to reverse course and prevent the disadvantaged sale of their properties

would have been in the province of family meetings. But without such a governance body,

the conflict was taken to the board of directors, composed primarily of family members,

which was clearly overwhelmed by the conflict and paralyzed by its membership. Board

members Sallie and Eleanor had spent most of their lives away from Louisville, the family,

and the family enterprise. They had pursued careers that hardly prepared them for

leadership of an important media company.

In the absence of family meetings, next-generation family members lacked the education,

information, give-and-take communication, and emotional intelligence that would have

promoted understanding among the individual heirs. When Barry Sr. named Sallie and

Eleanor to the board, he gave them influence far beyond their capacity to understand and

plan for the not-too-distant succession and transfer of power. Membership in a family

council (to be discussed later in this chapter as a way of managing and even preempting

some sources of family conflict) could have fostered the understanding needed for such

planning, through years of working together in council meetings.

(Poza 32-34)

Poza, Ernesto J. Family Business, 4th Edition. Cengage Learning, 20130128. VitalBook file.

The citation provided is a guideline. Please check each citation for accuracy before use.

2) Question:

After reviewing Chapter 4, determine 2 or 3 specific challenges to family governance and assess how

each may impact a family owned business. How might a CEO or President of a family business address

these challenges in order to n effective governance structure?

Initial posting minimum

Reading: (I provided a Summary for the entire chapter). SUMMARY 1 Effective governance empowers leaders of families in business to make the most of the

unique strength of a family enterprise: the synergy between a strong, unified owning family

and a well-run family enterprise or family office.

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