The Vega Food Company The Vega Food Company had been led by the family of Vale for years. Francisco Sir. Had been a self-made entrepreneur and for him the topics that were discussed on the first family council meeting had not been a concern of his. Board meetings had only existed on paper and only family members were on the board. There was a huge lack in well-organized family forums and board of directors. Francisco Sir. Had never really been very concerned about establishing sophisticated accounting procedures ND other systems, so something needed to be done.
He was from the older generation, as long as things worked the way that they have always worked, why change the system? He felt comfortable in the way things were done while he was still alive and in charge. His children who were working with him in the business at that time did not probably have much to say about it. When Francisco Sir. Died in a car accident Francisco Jar. Became the new president for the company. Some of the sisters were concerned about the future and how their interests as shareholders would be protected.
There had always been a lot of love and caring in the family but there was less evidence about respect for titles, hard work and formality of any kind to name a few things. The family didn’t really have a good financial responsibility. When Francisco Sir. Was alive, dividends had been distributed infrequently. Francisco Sir. Usually granted request as a generous father should, so the children have never had to worry about their financial situation. Now hat their father was gone and some of the sisters did not trust Francisco Jar. Hey needed an action plan. Especially the youngest daughter, Mari, was concerned about her financial future for her small family. As I mentioned in the beginning it seems that when Francisco Sir. Was alive he liked to do things his way and didn’t seem to care too much about formalities and hierarchy. Of course everything worked out fine when he was leading the company but when he died it is hard to distribute the power equally to five children and a widow.
The family realized this once he was gone and decided to take things in their own hands and work out a system to avoid conflicts. It is easy to see the problems from another set of eyes than from the eyes that has been watching the business for ages. Technology and the society were growing fast and the Vega Food Company needed to stay strong. There was need for a system that worked even better than the one Francisco Sir. Had used. It was also time to see who in the family was loyal to the company and who wanted to ark for its future.
As I mentioned earlier, dividends had been distributed infrequently and now that the person who had distributed them was gone someone needed to take care of the distribution and make sure that there were dividends to distribute. The children needed to understand that money cannot come from asking. It is easy to nave someone there to take care things tort you and make sure that you will be alright, but things come to an end and it is important to learn to handle your money and responsibilities.