Next Gen Takeover Requires Discussions

Our parents are getting ready to retire, but I sense they’re not ready to trust that we can take over. There are four of us in the next generation. We have been in the company for a while. One of us is more serious about making something of the business and one of us has mixed feelings about sticking around to see this through. Two seem like they’re coming along for the ride. I get that our parents may have concerns, but at some point we have to move forward with having the next generation take over. How do we get there?

 

THOUGHTS OF THE DAY: Figure out what each player wants. Set goals and document an action plan that describes what you and your parents want to accomplish with the company. Have open and frank conversations with your siblings about what each is and is not prepared to commit to. Decide if you need help negotiating details between generations.

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Family business: Should I stay or should I go?

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I am working in the family business for my parents. I don’t have any shares and just general promises that someday it will be mine. I don’t agree with what my parents are doing and think they’re making some serious mistakes that could make this a tougher business in the future. What should I do?

THOUGHTS OF THE DAY: Kick them out. Leave. Work together to fix the problems. Decide how much you want to work in this business for the long term. Continue reading “Family business: Should I stay or should I go?”

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