Harvard Case - Conflict Over Leadership and Succession in a Successful Family Business: The Lakkard Leather Company
"Conflict Over Leadership and Succession in a Successful Family Business: The Lakkard Leather Company" Harvard business case study is written by Simon Parker, Matthias Tietz. It deals with the challenges in the field of Entrepreneurship. The case study is 6 page(s) long and it was first published on : Apr 15, 2011
At Fern Fort University, we recommend that the Lakkard family engage in a facilitated mediation process to address the conflict surrounding leadership and succession. This process should involve a neutral third party with expertise in family business dynamics and conflict resolution. The goal is to foster open communication, identify shared values and goals, and develop a clear and mutually agreeable plan for the future of the Lakkard Leather Company.
2. Background
The Lakkard Leather Company, a successful family business founded by Mr. Lakkard, faces a critical juncture. The company has thrived for decades, built on Mr. Lakkard?s entrepreneurial vision and strong leadership. Now, as Mr. Lakkard contemplates retirement, a conflict arises between his two sons, Raj and Rohan, over the future leadership of the company. Raj, the elder son, possesses a strong business acumen and a desire to maintain the company?s traditional values and focus on leather goods. Rohan, on the other hand, advocates for a more innovative approach, embracing technology and expanding into new markets with a broader range of products.
3. Analysis of the Case Study
The Lakkard Leather Company?s situation highlights a common challenge faced by family businesses: navigating generational transitions and ensuring a smooth succession plan. The conflict between Raj and Rohan reflects a clash of perspectives on the company?s future direction.
Applying a Strategic Framework:
- Porter?s Five Forces Analysis: The leather goods industry is characterized by moderate competition, with established players like Lakkard Leather facing pressure from emerging brands and online retailers.
- SWOT Analysis: Lakkard Leather boasts strong brand recognition, a skilled workforce, and a loyal customer base. However, the company faces challenges from rising costs, changing consumer preferences, and technological disruption.
- Growth Strategy: The company?s growth strategy needs to be carefully considered. Raj?s focus on traditional values and leather goods may limit growth potential in a rapidly changing market. Rohan?s vision of embracing technology and expanding into new markets offers a more dynamic approach.
Key Issues:
- Leadership Style: Mr. Lakkard?s strong leadership has shaped the company?s culture. His retirement necessitates a new leadership style that can adapt to the evolving market landscape.
- Succession Planning: The lack of a clear succession plan has exacerbated the conflict between Raj and Rohan. A well-defined plan would have addressed leadership roles, responsibilities, and decision-making authority.
- Communication and Collaboration: The lack of open communication and collaboration between Raj and Rohan has fueled the conflict.
- Values and Vision: The family needs to align on a shared vision for the company?s future, balancing tradition with innovation.
4. Recommendations
Facilitated Mediation: Engage a neutral third party with expertise in family business dynamics and conflict resolution to facilitate a structured mediation process. This process should focus on:
- Open Communication: Creating a safe space for Raj and Rohan to express their perspectives, concerns, and aspirations for the company.
- Shared Values and Goals: Identifying common ground and aligning on a shared vision for the future of the company.
- Succession Plan Development: Developing a clear and mutually agreeable plan for leadership roles, responsibilities, and decision-making authority.
Strategic Planning: Once a shared vision is established, the family should engage in a comprehensive strategic planning process. This process should include:
- Market Analysis: Understanding the evolving market landscape, identifying emerging trends, and assessing competitive threats.
- Growth Strategy Development: Developing a growth strategy that balances tradition with innovation, leveraging the company?s strengths while addressing weaknesses.
- Product and Service Diversification: Exploring opportunities for product and service diversification to expand the company?s customer base and market reach.
- Technology Integration: Investing in technology to enhance efficiency, improve customer experience, and explore new business models.
Organizational Structure and Design: Consider restructuring the company to accommodate the new leadership and growth strategy. This may involve:
- Creating New Roles: Establishing roles that support the company?s strategic direction, such as a Chief Innovation Officer or a Head of Digital Marketing.
- Empowering Teams: Delegating decision-making authority to empowered teams to foster innovation and agility.
- Promoting Collaboration: Encouraging cross-functional collaboration to ensure seamless execution of the strategic plan.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations aim to preserve the company?s core competencies in leather craftsmanship while embracing innovation to ensure long-term sustainability.
- External Customers and Internal Clients: The recommendations emphasize understanding customer needs and preferences, while also fostering a positive work environment for employees.
- Competitors: The recommendations acknowledge the competitive landscape and emphasize the need for innovation and adaptability.
- Attractiveness: The recommendations focus on creating a sustainable growth strategy that enhances the company?s profitability and market position.
6. Conclusion
The Lakkard Leather Company has a strong foundation built on decades of success. By addressing the leadership and succession conflict through open communication, strategic planning, and organizational restructuring, the company can navigate the challenges of a changing market and ensure a bright future for generations to come.
7. Discussion
Other Alternatives:
- Raj assumes sole leadership: This option risks stifling innovation and limiting the company?s growth potential.
- Rohan assumes sole leadership: This option risks alienating employees and customers who value the company?s traditional values.
- Selling the company: This option would provide financial security but would also result in the loss of family control and legacy.
Risks and Key Assumptions:
- Successful Mediation: The success of the mediation process depends on the willingness of Raj and Rohan to engage in constructive dialogue and find common ground.
- Strategic Alignment: The family needs to be fully committed to the strategic plan and its implementation.
- Market Volatility: The recommendations assume a stable market environment. Unforeseen economic or industry disruptions could impact the company?s growth trajectory.
8. Next Steps
- Mediation Process: Initiate the mediation process within the next month.
- Strategic Planning: Complete the strategic planning process within three months.
- Organizational Restructuring: Implement the organizational restructuring plan within six months.
- Ongoing Monitoring and Evaluation: Regularly monitor the implementation of the strategic plan and make adjustments as needed.
By taking these steps, the Lakkard family can navigate the challenges of leadership and succession, ensuring the continued success of the Lakkard Leather Company for generations to come.
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Case Description
The founder of Lakkard Leather Company has headed the company for 24 years. He is proud of his business, and attributes much of its success to his own leadership style, which did not allow for anyone else's participation in decisions of substance. When he was badly injured in a car accident, his son stepped in and kept the business going. Without any intention to take over, the son altered the leadership and operations of the company in the space of a few months, so that by the time the founder returned, the company had changed and his role was significantly reduced. The son, in the meantime, grew to like his interim position and believed he did a better job than his father. Both men become locked in a power struggle; yet the company faced several key decisions that had to be taken in terms of expansion, product offering and sale opportunities.
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