From Shea in Toledo
Hi coach. I’ve been working for the family business for 10 years with the intention of someday being able to be one of the future owners. My father and uncle are the current owners. My uncle’s children are now entering the business and I’m getting concerned about my hope of being an owner. It’s getting more complicated now that his children are here.
Answer:
It does become more complicated as other cousins show up. It’s important for you to try to bring these conversations forward sooner rather than later. This succession in the ownership transition process takes many years and as you know can present a lot of complicated scenarios. You don’t want to put in another 10 years and find out you’re partners with cousins you don’t like or respect. These conversations need to start now so that a framework can be put together that will allow you all to know what’s expected and what levels of performance are going to be required for future ownership. Don’t wait!
