Perfect Plastics was founded in 1969 by Jim Peters to design and manufacture plastic packaging materials for the fast-food industry. The influence of Jim and his family has always been strongly felt throughout all aspects of the company. His son, Steve, who is executive vice president and COO, has been approached by a lawyer – with whom he occasionally played golf – with an inquiry about his father’s willingness to discuss a sale of the firm. Steve is not sure if Perfect Plastics should be sold but he is concerned that no long-term strategy has been developed, and feels a responsibility to take action.
The case goes beyond typical strategic and values issues. The challenge that this family business faces is to decide on a long term-strategy and how to implement it. Through the case it becomes clear that the family's commitment and vision of itself are shaped by the values it holds.
- Family Business
- Family business strategy
- Next generation
- Family values
- Family Business
- Philosophy
- Parallel planning
- Reinvestment decision
- RD0309
- AR2009
- AR0809
- WICFE
- Governance, parallel planning, strategy, boards
