Harvard Case - Keystone Excavating Limited: Preserving a Legacy
"Keystone Excavating Limited: Preserving a Legacy" Harvard business case study is written by Pernille Goodbrand, Sandip Lalli, Cheryl Brazell. It deals with the challenges in the field of Strategy. The case study is 9 page(s) long and it was first published on : Oct 15, 2018
At Fern Fort University, we recommend Keystone Excavating Limited (KEL) adopt a multi-pronged strategy to preserve its legacy and ensure sustainable growth. This strategy involves a blend of organic expansion, strategic acquisitions, technology adoption, and organizational transformation. This approach will leverage KEL's core competencies, address the changing market landscape, and position the company for future success.
2. Background
Keystone Excavating Limited is a family-owned business with a long history of success in the excavation and site preparation industry. The company is known for its strong reputation, skilled workforce, and commitment to quality. However, the company faces several challenges, including:
- Succession Planning: The founder, John Keystone, is approaching retirement, and the company needs to prepare for a smooth leadership transition.
- Competition: The industry is becoming increasingly competitive, with new players entering the market and established companies expanding their operations.
- Technology: The adoption of new technologies, such as AI and machine learning, is disrupting the industry, and KEL needs to keep pace to remain competitive.
- Sustainability: Environmental regulations are becoming more stringent, and KEL needs to adopt sustainable practices to meet these requirements.
The case study focuses on the challenges faced by the company and its potential solutions.
3. Analysis of the Case Study
Strategic Analysis:
- SWOT Analysis:
- Strengths: Strong brand reputation, experienced workforce, established customer base, strong financial position.
- Weaknesses: Lack of succession planning, limited technological adoption, potential for complacency.
- Opportunities: Expanding into new markets, adopting new technologies, focusing on sustainability, diversifying services.
- Threats: Increased competition, changing regulations, economic downturn, technological disruption.
- Porter's Five Forces:
- Threat of New Entrants: High, due to low barriers to entry in the industry.
- Bargaining Power of Buyers: Moderate, as customers have options but value KEL's reputation.
- Bargaining Power of Suppliers: Moderate, as KEL relies on a variety of suppliers.
- Threat of Substitute Products: Low, as there are limited substitutes for excavation services.
- Rivalry Among Existing Competitors: High, as the industry is fragmented and competitive.
- Value Chain Analysis: KEL's value chain consists of:
- Inbound Logistics: Procurement of equipment, materials, and supplies.
- Operations: Excavation, site preparation, and related services.
- Outbound Logistics: Delivery of completed projects.
- Marketing & Sales: Generating leads and securing contracts.
- Customer Service: Providing support and addressing customer concerns.
- Human Resource Management: Recruiting, training, and managing employees.
- Technology & Innovation: Investing in new technologies and processes.
- Finance & Accounting: Managing finances and reporting.
Financial Analysis:
- KEL has a strong financial position, with a history of profitability and a healthy cash flow. However, the company needs to invest in new technologies and expand its operations to maintain its competitive advantage.
Marketing Analysis:
- KEL has a strong brand reputation, but it needs to adapt its marketing strategy to reach new customers and compete in the digital age.
Operational Analysis:
- KEL's operations are efficient, but the company needs to adopt new technologies and processes to improve productivity and reduce costs.
Organizational Analysis:
- KEL's organizational culture is strong, but the company needs to prepare for leadership transition and foster a culture of innovation and change.
4. Recommendations
1. Strategic Acquisitions: KEL should pursue strategic acquisitions to expand its geographic reach, diversify its service offerings, and gain access to new technologies. This could involve acquiring smaller companies in complementary markets or larger companies with established operations in new regions.
2. Organic Expansion: KEL should focus on organic growth by expanding its service offerings, targeting new market segments, and increasing its market penetration in existing markets. This could involve offering new services like environmental remediation, utility installation, or construction management.
3. Technology Adoption: KEL should invest in new technologies, such as AI-powered equipment, GPS-guided excavation systems, and data analytics platforms, to improve efficiency, productivity, and safety. This will also help the company attract and retain skilled workers.
4. Organizational Transformation: KEL should implement a comprehensive change management strategy to prepare for leadership transition, foster a culture of innovation, and adapt to the evolving industry landscape. This could involve developing a succession plan, implementing new leadership development programs, and promoting a culture of continuous improvement.
5. Sustainability Initiatives: KEL should adopt sustainable practices to meet environmental regulations and attract environmentally conscious customers. This could involve using fuel-efficient equipment, reducing waste, and implementing green construction methods.
6. Marketing & Brand Management: KEL should develop a comprehensive digital marketing strategy to reach new customers, build brand awareness, and generate leads. This could involve creating a website, engaging on social media, and implementing targeted online advertising campaigns.
7. Strategic Alliances: KEL should explore strategic alliances with other companies in the industry or related sectors to gain access to new markets, technologies, or resources. This could involve joint ventures, partnerships, or outsourcing agreements.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations leverage KEL's core competencies in excavation, site preparation, and project management while aligning with the company's mission of providing high-quality services to its customers.
- External Customers and Internal Clients: The recommendations address the needs of both external customers and internal clients (employees). By expanding services, adopting new technologies, and promoting sustainability, KEL can better serve its customers and create a more attractive work environment for its employees.
- Competitors: The recommendations help KEL stay ahead of its competitors by focusing on strategic acquisitions, technology adoption, and innovation.
- Attractiveness: The recommendations are expected to be financially attractive, as they will lead to increased revenue, improved profitability, and enhanced market share.
6. Conclusion
By adopting a multi-pronged strategy that combines organic growth, strategic acquisitions, technology adoption, and organizational transformation, KEL can preserve its legacy, ensure sustainable growth, and remain competitive in the evolving excavation and site preparation industry. This approach will leverage the company's core competencies, address the changing market landscape, and position KEL for future success.
7. Discussion
Alternatives:
- Focusing solely on organic growth: This approach could be slower and less effective in a rapidly changing market.
- Merging with a competitor: This could lead to integration challenges and potential loss of control.
- Remaining stagnant: This would likely lead to declining market share and profitability.
Risks and Key Assumptions:
- Integration challenges: Acquisitions and mergers can be complex and require careful planning and execution.
- Technology adoption costs: Investing in new technologies can be expensive, and KEL needs to carefully evaluate the return on investment.
- Competitive landscape: The industry is dynamic, and KEL needs to constantly monitor its competitors and adapt its strategy accordingly.
8. Next Steps
- Develop a detailed strategic plan: This should include specific goals, objectives, timelines, and resource allocation for each recommendation.
- Conduct due diligence on potential acquisition targets: This should include financial analysis, market research, and assessment of cultural fit.
- Invest in technology infrastructure: This should include acquiring new equipment, software, and training for employees.
- Implement a change management program: This should involve communication, training, and support for employees.
- Monitor progress and make adjustments as needed: This will ensure that the strategy remains effective and adapts to changing conditions.
By taking these steps, KEL can successfully navigate the challenges it faces and position itself for long-term success.
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Case Description
In June 2015, a new president and chief executive officer, Sandip Lalli, was hired by the board of directors of Keystone Excavating Limited (Keystone) to turn the company around and increase its value. In its 35 years of operations, Keystone had failed to articulate a purpose, and for the past five years it had been in double-digit decline. The economic downturn in Alberta from 2014 to 2016 had made the situation dire, and by September 2016 Lalli was going to recommend closing the company. But how should she do this? How should she tell the shareholders of this family-owned business that things were unlikely to improve and that there would be another challenge ahead? How could Keystone cease operations while retaining its legacy?
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