We’re a two-generation company, and I find that ownership is very confusing. It feels like as long as the seniors are alive, we in the next generation will never own the company, even though we’re now doing the majority of the heavy lifting. On top of that, the seniors represent a huge financial drain on the company. Given what they’re taking out of the business, why would they give up control?
Thoughts of the day: Think about what control you want, and what leverage you have to get it. Figure out how to make the senior generation whole. Make sure the next generation is ready to run the business.