Ferre Media Group Case Study Essay
Antonio L. Ferre is the CEO of The Ferre Media Group. This company has been family owned and kept within the family since 1968. Antonio wants to keep is company running long after he has been there. There are a lot of changes in the Ferre family and business. The three things I will be focusing are Antonio L. Ferre retiring, which children he will be passing certain roles to, and adding in his grandchildren to the family business. All these things come with complexities and will in my standpoint need to be handled in a business matter and not a family one. Antonio is feeling pushed out from his CEO position. This is because many of his children want to take over higher leadership positions within the company. This is a problem for Antonio because he wants to stay within the business as a mentor but also wants to retire soon. He is having trouble finding balance within the family and business matters.
First off is the integration of grandchildren. In the past, Antonio’s children, were required to go to college and get a degree. I feel that the grandchildren should be held to the same standards. Once they have obtained a college degree they can apply for an entry level or lower level position within the company. If not, they can get experience elsewhere and then apply for a more desirable role within the Ferre Media Group if they seem prepared. I feel this is the best way to approach the situation because it’s ethical. If someone was educated and had experience but a grandchild took a higher position with the company that would be unfair. Just because they have the last name “Ferre” doesn’t mean they will lead the company to its full potential.
Once this has happened, Antonio Ferre needs to focus on the future of the company and how the future family members and non-family members will make it successful. Antonio first needs to promote leaders to take over what he will be leaving. Once this has been established, he needs to explain how he operated a successful company for so many years. This is important because he would be around to help or establish any rules or concepts. The leaders of the company need to start thinking in a way that will make the entire company successful and fair. This being said, maybe Antonio should hire on at least one non-family leader for the company. This way there is someone there that isn’t internally bound and can make a decisions based on their own thinking and not influenced by other family members. This could also lead to further successes in different parts of the world. A family might want to stay together in the same place where as a non-family member might be interested in the idea of expanding the company elsewhere.
In conclusion, I feel like if Antonio makes all of these changes he will be in a good spot to make a transition into retirement. He needs to make sure all the grandchildren get college degrees and start with the business at entry level or get some experience. He needs to make sure that he hires the right people to take over his position and lead the company to success. Lastly, he also needs to make sure his transition from CEO to mentor or retirement go’s smoothly. If these things happen the Ferre Media Group should be in good hands.
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