“the night before closing the deal. My brother and I sat in a car in the parking lot outside the office building and reflected about whether we failed in carrying on the legacy”
Many family businesses are caught in the dilemma of whether to pass along the business to the next generation or sell the business. The senior generation needs to plan for retirement and feel confident that the younger generation can run the business, and the younger generation has to decide whether they want to stay involved or move on to a different career . Unfortunately, most of the time the family legacy affects the decision. This legacy can become a burden and lead to a demise of the business if the succession plan includes a younger generation who is continuing on for the sake of the legacy of the founders rather than following their true ambitions.
In our family business, our parents removed the legacy issue as an issue, by More…
Hazing in the Family Business
I’ll never forget my first day in our family business when I had completed my morning shift and took a break for lunch. The warehouse manager asked me if my father was going to take me out for the customary steak lunch for all new hires. I went upstairs, walked into my father’s office and told him I was ready to go for my steak lunch. He looked at me with a confused stare and told me he never takes a new employee out for lunch on the first day. His confused stare was only matched by the laughter of the warehouse manager when I returned to my post after lunch. I realized I had been hazed by the warehouse manager as part of the ritual for new employees.
What job positions do family members assume when they first enter the family business?
Some of us come in at the bottom of the organization chart in a line position and work their way up, while others land into management level positions and take control more quickly. Here are some of the differences: More…