Family Business essay on Estate planning Example | Topics and Well Written Essays - 750 words - 1

Family Business on Estate planning - Essay Example For this purpose, the article Updating Systems Concepts in Family Businesses: A Focus on Values, Resource Flows, and Adaptability, which has been written by Brian Distelberg and Ritch L. Sorenson, has been selected in order to understand the issues surrounding family business and estate planning. Pollard Banknote Income Fund was founded in the year 1907. Located in Winnipeg, Canada, the organization started off as a commercial printing organization. During the seventies, it entered security printing and concentrated on the manufacturing of stocks, bonds, government bonds, etc. In the eighties, it again entered a new market and concentrated on producing lotteries for the government. For this purpose, Lawrence Pollard, the president of the organization, â€Å"mortaged everything he owned. He borrowed $5 million in 1985 to acquire the technology needed to turn his 77-year-old printing house into a lottery ticket printer† (Distelberg and Sorenson, 69). His organization further grew when his sons entered the family business, which is currently an international company. The business remained in the family. In the year 1947, Lawrence had joined the family business. He was invited by his father, who worked collaboratively with his two elder twin brothers (Distelberg and Sorenson, 69). Pollard worked hard in order to ensure that the organization flourished and grew in the advertisement industry as one of the leading printing companies. In the year 2005, â€Å"the organization went public and this strategy was based on strengthening the company’s commitment to the lottery industry and enhances its ability to continue to expand and compete† (Distelberg and Sorenson, 70). The control and power of the business still remains in the hands of the Pollard family. From research it is evident that a family business that remains in the family is the product of hard work, constant struggle,