Augustine Heard & Co.: Building a Family Business in the China Trade (B)

In 1861, the Heard brothers faced a decision: should they continue their family firm's business model that had made them a successful commission house in China, or was it time to make fundamental adjustments to their work? This case reveals that the brothers decided to maintain the status quo, primarily because of the lack of a decision-making mechanism amongst the brothers. The firm rapidly went downhill, before declaring bankruptcy in 1875.