Old name, new management : how to integrate the past with the future

Abstract

The aim of this paper is to tell the stories of two different organizations that, after a bankruptcy, got new owners. The paper investigates the relationship between a CEO and a newly bankrupt organization and how the rebuilding process is, through the readings of change management. The paper examines how the past is integrated with the future, what the challenges are in finding a new identity under an old heritage and how important the name of an organization is. In the change process, what are the main challenges and how important the manager is, as well as how does an organization build its image after facing a crisis. Secondary analysis and semi-structured qualitative interviews with the CEOs of the two organizations who rebuilt or are in the process of rebuilding organizations were conducted. Kotter's eight-stage model was used to compare the approaches that these two organizations used in the change process. Using the data from the interviews and second-hand analysis and incorporate it into the model. The study shows that it is essential to get every stakeholder on board with the change in the change process, and if it comes from higher management, it is more likely to be a success. The size of an organization does not matter; the role of the CEO is to lead and stand for a clear vision, get the people to follow, and make them feel involved. By talking to people who know and understand the heritage, the new management can best determine how to celebrate it and use it for their advancement. The study shows us that the name is the game; it can significantly benefit a newly bankrupt organization to keep the same name. Opposing voices are the main concerns organizations face when going through changes.