Iaccarino & Son, Inc. is a manufacturing company that specializes in the wood casing. The company was founded in 1929 and is located in Massachusetts. Iaccarino & Son originated from contracting work done by an Italian immigrant in the early 1900s. The company is family-owned and has been for over 80 years.
Iaccarino & Son has accumulated in $18,000,000 of revenue and manufactures from Boylston, Massachusetts.
Francis decided to join the family business turned out to be a disaster, but his decision is justified.
Iaccarino & Son was already an established business that was headed in the right direction. Francis equipped the skills and ambition to drive the company forward but eventually failed to do so. Yet, failing is part of being an entrepreneur, so he gained more knowledge from his actions within the business. Another reason Francis decided to take the opportunity was because of his own business. Francis was working on a small picture framing business that that wasn’t as successful as Iaccarino & Son.
So, looking for a better opportunity is the right decision for him in that situation. On the other hand, Carl’s authority over the business should have been a warning to Francis. Carl’s obsession with the business tarnished the trust between the owners. With both owners being on different pages, a business can not function properly. Relationships are one of the most important assets of a business.
Carl was nervous about his son’s plans for changing the business.
Carl seemed to not follow trends to promote his business because of his use of old technology. Carl also wanted to keep the family business traditional and familiar. While Francis wanted to upgrade and change the business into something better. Because of their conflicting desires, the business ended with filing for bankruptcy.
Carl and Fran should have established a healthy relationship during the recession. A healthy relationship would have maintained a healthy business. Instead of disagreeing on how to survive the recession, they should have been planning together. While also maintaining a healthy relationship with each other, they should have been forming a relationship with other corporations. Having aid from other successful corporations would have protected them from the effects of the recession.