Deanna’s parents can incorporate The Pantry and make her the CEO Essay
If I were in Deanna’s position, I will still accept a position in another company after college. However, I would make clear my intentions for doing so to my mother and stepfather. This step shouldn’t be interpreted as lack of interest in The Pantry; instead it should be viewed as the opposite. The totality of Deanna’s actions shows complete commitment to the management of the family restaurant. Deanna, as a child helped in the business by cleaning tables, and as she grew older, her responsibilities became more important. Deanna even chose a college course that would help her in running The Pantry, restaurant management.
Her acceptance of a position in another company is also such a move. Deanna should make it clear to her parents that by accepting an offer from another company, she would be gaining valuable experience which she could in turn apply in the management of the family business and further improve it. Since her mother is not yet open to discussions about the future of the business, the least Deanna could do is to convince her mother of her commitment in running The Pantry. Hopefully, even if the ownership of the restaurant is split between
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Deanna’s mother and stepfather have other options aside from splitting the ownership of the business among their three children. The ones already mentioned in the case were closing the business or selling it to an outsider. Deanna’s parents can also incorporate the business and open its ownership to people outside the family. Among the legal benefits of incorporating, based on US Corporations Law, are protection of personal assets, ease of transfer of ownership, lower rate of taxation as compared to that of individuals, ease of raising funds and durability since the existence of the corporation is unaffected by death of its shareholders. Deanna’s parents can incorporate The Pantry and make her the CEO, while giving the other daughters shares in the company. This way, Deanna gains control of the business without excluding her stepsisters. Expansion will be easier too, since corporations are able to raise more funds than a sole proprietorship or a partnership form of business.