Rogers Motors Case Study
1) Summary of the facts
Rogers is now too old to continue operating his business and is planning to retire. He plans on handing the business to his three sons and four grandchildren, so that the business can continue to prosper even after his retirement and possibly become a corporation one day.
2) Statement of the problem
Rogers is retiring (or is planning on retiring) and he is not sure what to do with the business. Whether to hand it over to his three sons and four grandchildren (for ownership reasons), He is also not sure if they would be able to manage the business or not so he is thinking whether he should leave the management to his long time employee Bill Faulkerson. He also wants the business to continue indefinitely as well.
3) Cases of the problem
Rogers is not exactly sure of what to do with the business and whom to hand it over too and if the person of persons he is handing it over too will be responsible enough to not only upkeep it but to keep it in prosper like he did for the past 30 years, he reviews whether he should hand over the business to Bill Faulkerson or his heirs.
4) Possible Solution
~Rogers can hand over the business to Bill Faulkerson, yet still have the business family owned.
~ He could have his heirs run the business, but possibly still have Bill be a “guide” to help the heirs out with the business.
~ Bill and Rogers’ heirs could work together on incorporating the business (after settling in first)
~Rogers should ask all of his heirs to see who would really be interested in controlling the business and who not so much.
5) Recommendation and justification
~If Rogers chooses to hand over the management of the business to Bill Faulkerson, I think that he should still have the business family owned and that his heirs will still have some control of what will go on in the business.
~If he chooses to have his heirs inherit the business then he should (if he feels...