THE RESILIENCE OF FAMILY FIRMS: CASE STUDY OF SMUCKER’S AND ITS HISTORY OF INNOV ATION AND FAMILY VALUES

Abstract

This paper is aimed to look at the astonishing growth of the J.M. Smucker Company. It takes a look at the beginning that shows how Jerome Monroe Smucker transformed his family recipe into a multibillion-dollar company with a wide arrange of products. Specifically, this paper takes a look at the foundation of the company and how the core values that were set forth in the very beginning, still hold true to this day. While many companies seem to have a revolving door of employees and management, the Smucker’s have been operating this business from the beginning. The company is their family and their unique management style makes their employees feel the same way. While they do produce quality products and goods, it is truly believed that it is the core values and the people that really push the overall growth of the company and increase its resilience. The analysis shows that family-run businesses may employ family social capital in retrospective and prospective ways. A retrospective approach involves targeted and conservative uses of family social capital, wherein the aim is to maintain organizational functioning and return to “business as usual”. In contrast, a prospective approach employs these resources in a more strategic and flexible way to adapt to a “new” future.