Business expansion strategies: a case study of a family-owned business under second-generation leadership

Abstract

In today’s competitive business environment, family-owned companies face both opportunities and challenges, particularly during generational transitions. This study explores the transformation of The Crystal Company, a family-owned business in Thailand's luxury crystal glassware market, as it moved from its original, traditional operations to a modernized business model under the second-generation leadership of Mr. Ronan. The research aims to uncover how strategic changes in leadership, tradepractices, and product diversification contributed to the company’s growth and adaptation to new market conditions. Through a qualitative approach, combining interviews and analysis of company documents, this study highlights the importance of embracing modern trade techniques, streamlining operations, and expanding product offerings to remain competitive. Key findings reveal that The Crystal Company's success lies in its ability to innovate while staying true to its core values, ensuring both efficiency and customer satisfaction. This research provides valuable insights and recommendations for family-owned businesses facing similar challenges, emphasizing the need for continuous improvement, strategic innovation, and flexible leadership.