Learning To Let Go of the Family Business

“At some point you have to stop

chasing your legacy”

On the way into work today I was listening to sports radio and they were debating whether David Ortiz of the Boston Red Sox was going to proceed with his planned retirement at the end of this season, or change his mind and retire later. He is having a great start to his final season and this has some speculating whether he might play longer. Sports athletes are notorious for staying on too long and chasing their legacies. How many times have you seen an athlete hurt their legacy by playing too long and being remembered for their sub-par play at the end of their career, rather than getting out at the top. Think: Brett Favre. It had me thinking this is a similar dilemma family business owners are faced with when they reach their senior years.

There is no retirement age in a family business.

The senior generation can stay on as long as they want. Often beyond their shelf-life. There are many reasons for wanting to stay on longer than they should; succession concerns, fear of retirement, personal finances, to name just a few. More…