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Long-Term Orientation in the Benedictine Monastery of Admont

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At the Benedictine monastery of Admont in Austria, which had been economically active for over 940 years, the monks tended to think in centuries rather than quarters. However, the monastery's business director needed to make a decision in a much shorter timeframe. The monastery employed approximately 600 people in its forestry, wine-growing, energy, real estate, services, and industrial businesses. Its largest subsidiary, an industrial manufacturer of wooden floorboards, was faced with severe challenges in 2015, including highly fluctuating demand and a growing pressure on margins due to low-cost competition from Asia. The business director had to decide how to proceed with the loss-making company, bearing in mind his responsibility towards the monastery and its higher purposes (such as providing pastoral care and fostering regional development through the creation of jobs).
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