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The daughter would receive all nonbusiness assets plus an instrument of debt from her brother, intended to balance the monetary values. This plan was not only fair but also workable in terms of the operation and management of the firm.
Planning and discussing the transfer of ownership is not easy, but such action is recommended. Over a period of time, the owner must reflect seriously on family talents and interests as they relate to the future of the firm. The plan for transfer of ownership can then be firmed up and modified as necessary when it is discussed with the children or other potential heirs.
1.4.2 Exercise 2. Remember the following phraseological units
1.4.3 Exercise 3. Arrange the following words into 2 columns: synonyms and antonyms
Intensive, full-time, secondary, day-time, include, primary, evening, exclude, part-time, extensive
1.4.4 Exercise 4. Complete the following chart:
1.4.5 Exercise 5. Remember the difference in the meaning of the following words:
1.4.6 Exercise 6. Remember the following terms:
Distribution, production, profitability, customer, delivery, income, benefit, salary, dividend, consumer, subordinate, employee.
1.4.7 Exercise 7. Add prefixes in-, un-, mis-, il-, ir-, dis- to the following words
Sufficient, possible, responsible, satisfactory, advantage, formally, dependent, certainty, competent, consistent.
1.4.8 Exercise 8. Remember the difference in the meaning
1.4.9 Exercise 9.
Complete each sentence with a passive verb. You may need a negative form.
1. Somebody damaged the goods in transit. The goods __________ in transit.
2. Thousands of people see this advert every day. This advert ___________ by thousands of people every day.
3. They will not finish the project by the end of the month. The project __________ by the end of the month.
4. They have closed fifty retail outlets over the last year. Fifty retail outlets ___________ over the last year.
5. We are reviewing all of our IT systems. All of our IT systems ____________.
6. We cannot ship your order until we receive payment. Your order __________ until we receive payment.
1.4.10 Exercise 10.
Open the brackets, use the verbs in the Passive. Pay attention to the time.
1. I don’t think your proposal (to accept) at the next meeting.
2. The company (to found) by the father of the present chairman in 1950.
3. All our machines (to service) by highly trained technicians.
4. The machine isn’t working again! It (to repair) yesterday by the technician.
5. Last year the conference (to open) by someone from London Business School.
6. I (to show) round the factory by someone, and then I’ll meet the sales team.
1.4.11 Exercise 11.
Rewrite the sentences using the passive where possible. You may need a negative form.
1. Our R&D department has discovered a promising drug.
2. The inflation rate went down by 0.5 % last month.
3. One of our best young designers created this line.
4. I’m sorry, we can’t do that.
5. Something very interesting happened to me last week.
6. We’re spending more than one million dollars on advertising this year.
7. The Accounts Department may not authorise this payment.
8. I worked as a consultant for four years after my MBA.
1.4.12 Exercise 12.
A marketing manager is writing a training manual that explains how the company uses questionnaires to do market research. Complete the text by putting the verbs from the list below into the present simple passive.
First, we carefully select a sample people to ask. Then the questions ______ by a small team within the department. Next, the questions ______ into sequence and grouped together by topic. After that, we print questionnaire and it _______ to everyone in the sample. Of course, not all the forms __________ to us, but we try to collect as many as possible.
Sometimes, a small gift ________ to people who return the forms, as an incentive. Finally we enter all the results onto a spreadsheet, and the information ______ by the marketing department. If we are using a very large sample the distribution and collection _________ to an external company.
1.4.13 Exercise 13.
Complete the second sentence so it has a similar meaning to the first sentence.
1. David Gill from Marketing lent me this book.
I _________ this book by David Gill from Marketing.
2. This sample was given to me at the Trade Fair.
_______________________ the sample at the Trade Fair.
3. They promised us delivery within two weeks of our order.
We ____________ within two weeks of our order.
4. A textile firm near Milan made this fabric for us.
_______________ for us by a textile firm near Milan.
5. This order was sent to us through our website.
_____________ this order through our website.
6. My secretary booked the flight for me.
___________ for me by my secretary.
1.4.14 Exercise 14.
Complete the report by putting the verbs into the present perfect active or passive.
1. Brasil ________ (transform) from an economy based on sugar and coffee into a leading industrial power, and this ______ (happen) over a relatively short time period.
2. Over recent years inflation ________ (bring) under control, and foreign direct investment __________ (encourage).
3. The Government ____________ (privatise) many state-owned companies, and they ____________ (also/invest) a lot of money in advanced infrastructure.
4. In an attempt to decentralize the economy, Campinas was chosen to be Brazil’s IT capital, and car production ______________ (move) away from traditional centres to states such as Rio Grande do Sol in the south.
5. No one pretends that all the old problems _________ (solve), but Brazil is finally taking its place on the world stage.
1.4.15 Exercise 15.
Discuss the factors that make the family business unique
– Family members have a special involvement in a family business.
– Business interests (production and profitability) overlap family interests (care and nurturing) in a family business.
– The advantages of a family business include a strong commitment of family members and focus on people, quality, and long-term goals.
1.4.16 Exercise 16. Explain the cultural context of the family business
– Special patterns of belief and behavior constitute the family business culture.
– The founder often leaves a deep imprint on the culture of a family firm.
1.4.17 Exercise 17.
Outline the complex roles and relationships involved in a family business
– A primary relationship is that between founder and son or daughter.
– Some couples in business together find their relationship with each other strengthened, while others find it weakened.
– Sons, daughters, in-laws, and other relatives may experience collaboration or conflict with other relatives.
1.4.18 Exercise 18.
Identify management practices that enable a family business to function effectively
– Good management practices are very important in a family business.
– Family members should be treated fairly and consistently in accordance with their ability and performance.
– Motivation of nonfamily employees can be enhanced by open communication and fairness.
– Family retreats bring all family members together to discuss business and family matters.
– Family councils provide a formal framework for the family's ongoing discussion of family and business issues.
1.5 Experiential exercises
1 Interview a student who has grown up in a family business about the way he or she may have been trained or educated, both formally and informally, for entry into the business. Prepare a brief report, relating your findings.
2 Interview another student who has grown up in a family business about parental attitudes toward his or her possible entry into the business. Submit a one-page report describing the extent of pressure on the student to enter the family business and the direct or indirect ways in which expectations have been communicated.
3 Identify a family business and prepare a brief report on its history, including its founding, family involvement, and any leadership changes that have occurred.
4 Read and report on a biography or history book pertaining to a family in business or a family business.
1.6 Exploring the Web
With the keyboard search capability of the Internet, browse information appearing under the caption "family business." Prepare a one-page report identifying the kinds of data available, and include references to at least two academic programs having home pages on the Web.
2 Unit 2. Customer Satisfaction – the Key Ingredient
2.1 Classwork
2.1.1 Exercise 1. Remember terms that you’ll come across in the text
competitive edge – конкурентное преимущество;
competitive advantage – конкурентное преимущество;
notch – незначительное изменение курса валют или цены;
customer – покупатель, заказчик, клиент;
consumer – потребитель;
dealer – торговец, дилер, торговый агент;
chief executive – руководитель высокого ранга;
competitor – конкурент;
checkbook – чековая книжка;
overdraft – кредит по текущему счету;
charge – цена, плата; расходы, издержки;
to refund – возвращать, возмещать (деньги, убытки)
Vocabulary Notes:
to split – делить, дробить, разбивать на части;
top-notch – (разг.) превосходный, первоклассный;
survey – обзор;
to reveal – открывать, показывать, обнаруживать;
to summarize – подводить итог;
to dismiss – отделываться от ч. – л.;
complaint – жалоба;
to vest authority – облекать полномочиями, властью;
at the expense of – за ч. – л. счет;
to prosper – процветать;
to implement – обеспечивать выполнение, осуществлять;
disgruntled – в плохом настроении, рассерженный, раздраженный;
to drop off – довести до, подбросить на машине.
2.1.2 Exercise 2. Read the text
customer satisfaction strategy – a marketing plan that emphasizes customer service
Customer service can provide a competitive edge for small firms regardless of the nature of the business. A customer satisfaction strategy is a marketing plan that has customer satisfaction as its goal. Such a strategy applies to consumer products and services as well as industrial products. Customer service should be the rule rather than the exception. The use of outstanding customer service to earn a competitive advantage is certainly not new. Longtime retailer Stanley Marcus, of Dallas-based Neiman-Marcus, is famous for his commitment to customer service. What is relatively new to small firms is the recognition that top-notch customer service is smart business.
A recent survey by Communication Briefings revealed that, in general, customers do not feel they get what they deserve. Responses to the question "How would you rate the quality of customer service you receive from most organizations you do business with?" are summarized as follows:
Excellent: 6 percent
Good: 45 percent
Fair: 43 percent
Poor: 5 percent
Here are some other findings of the study:
1 Over one-third of the respondents said the biggest customer service mistake was failing to make customers feel important.
2 Almost one-fourth of the respondents indicated that clerks are rude to the customers and management dismisses customer complaints.
3 Nearly one-half of the respondents said that in the past year they had ceased doing business with three or more businesses because of poor customer service.
What is the special significance of these statistics for small businesses? The answer is that small firms are potentially in a much better position to achieve customer satisfaction than are big businesses. Why? Ask yourself if the problems identified by the survey are more solvable within firms having fewer employees. For example, with fewer employees, a small firm can vest authority for dealing with complaints in each employee. On the other hand, a large business will usually charge a single individual or department with that responsibility.
Consider the following two firms' success with customer service tactics. Sewell Village Cadillac, a car dealer in Dallas, Texas, is famous for its customer service. Its owner, Carl Sewell, began the service journey in 1967 when Sewell Village was in third place among the three Dallas Cadillac dealers. Sewell "realized that most people didn't like doing business with car dealers. They looked forward to seeing us about as much as they did going to the dentist," he says. Therefore, he simply began asking customers what they didn't like about car dealers. Three points of major dissatisfaction were identified – service hours, being without a car during service, and repair done incorrectly. By responding to these concerns, Sewell Village Cadillac increased its customer satisfaction rating.
Another firm reaping the benefits of providing superior customer satisfaction is the Phelps Country Bank, headquartered in Rolla, Missouri. This little bank has prospered at the expense of its big competitors because of its chief executive Emma Lou Brent, who has developed a different kind of banking environment. The following are among the customer service strategies implemented by the bank's 55 employees:
– The lobby opens five minutes before 9:00 A.M. and closes five minutes after 3:00 P.M.—there are no disgruntled customers peering in and looking angrily at their watches.
– [A customer] is upset because he lost track of his checkbook balance and now doesn't want to pay the overdraft charge? A rep.. might refund the amount if she thinks it was an honest mistake. Or she might propose splitting it with him.
– Employees do not keep customers waiting while they finish paperwork.
– The bank's newspaper ads carry lending officers' home phone numbers, as do the officers ' business cards. Customers are encouraged to call nights or weekends on urgent matters. High levels of customer service do not come cheaply. There are definite costs associated with offering superior service before, during, and after a sale. However, many customers are willing to pay for good service. These costs can be reflected in a product's or service's price, or they can sometimes be scheduled separately, based on the amount of service requested. For example, David and Linda West, owners of San Luis Sourdough Co. in San Luis Obispo, California, price according to how much service their clients (supermarkets and specialty food stores) require. "If a supermarket is happy to have the bread dropped off at the back door, the wholesale price is $0.97. If the store wants to be able to return day-old bread for full credit, the cost is $1.02 a loaf." The Wests figure the price covers the cost of the service.
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