The Century 21 Survival Plan



Abstract

This paper exhibits about the change that have been implemented in the organization such as in the industry of real estate, with comparison to the mergers that have been trying to implement and the consequences of those on the organizational culture and the employees. The Real estate's industry has become more disciplined and predictable, less risky and hence more sustainable. Due to the collapse of the Real Estate market, informal discussion of potential merger of Century 21 Grand started in early 2008. The merging of the two companies was ineffective, and resulted in the closure of the company as whole in August 31st 2011. The bottom line is that Century 21 Grand's inventories was up, sales were down, profits was eroding, and the building industry still facing a steady downturn well into the foreseeable future.

Table of Contents

Abstract2

Introduction4

Background of the Company4

Implementing Change in Organization5

Techniques for dealing with resistance to change within the organization6

Readiness to Change6

Employee attitudes6

Consequences of Change on People in Organizations6

Disengagement7

Disidentification7

Disenchantment7

Change and Their Impact on the Organization8

Role of organizational culture in the change process;8

Understand the Importance of Communication to Change Process9

Organizational Antecedents and How Change Impacts Them9

Conclusion10

References12

The Century 21 Survival Plan

Introduction

Real estate industry is headed by a new generation of professional leaders and managers of real estate - some of which are new in the industry - and those who survived the crash of real estate in the early 1990's and flourished through subsequent restructurings.

Background of the Company

Real estate industry has evolved significantly over the past quarter century. If implemented in an industrial / economic perspective, there is a certain evolution of that industry, and their leaders tend to experience on the road to economic maturity. The industry has become more disciplined and predictable, less risky and hence more sustainable. Due to the collapse of the Real Estate market, informal discussion of potential merger started in early 2008 following an initial approach by Jeff Stein, the owner/broker of Century 21 Grand, New city N.Y. The first reaction of Robert Mancuso, the owner/broker of Century 21 Mancuso, Yonkers N.Y was quit cool. Rumors of possible bankruptcy of Century 21 Mancuso spread in March 2008. The strategic logic of a possible transaction was fairly clear to both sides: it would be difficult to subsist and compete against other big Real Estate companies. Should their merger be finalized? In addition, both Century 21 Mancuso and Century 21 Grand could clearly see numerous opportunities for significant operational expenses, cost saving, and cross-selling activities from a combination of their two franchises. Both of them were clear, keeping on business without hurting their interests (The Real Estate Agents). In Real estate industry managers must be flexible and adapt to changing conditions in the wider economy. Those who survive and even thrive through the restructuring were those who were able to understand market needs and transform it accordingly. In fact, many of the leaders who participated in our study to explain the success of some of the most respected leaders in ...