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CHILDREN IN THE FAMILY BUSINESS: OWNERS OR EMPLOYEES?

In my experience dealing with family businesses, those that succeed most in passing ownership to the next generation are the ones where the fathers have the humility to think that maybe they too should bear some of the responsibility and then decide to do something positive and constructive about it. By doing so, they give their children “the respect they deserve and the opportunity to spread their wings”.

Secret Weapon to Successful Generational Transition

There is an epidemic about to occur in Canada and the United States as the baby boomers begin to retire. Many of these baby boomers created businesses as a means to support their families and have been very successful at doing so. But now, as they reach retirement age, many of their businesses are going to be changing ownership – a process that has proven difficult for most.

The World’s Most Successful Dad

My father, Jack Prehogan, is 86 years old. Today is Father’s Day. If they gave out an award to The World’s Most Successful Dad (which I would define as “the man who best empowers his child(ren) to be the best they can be”), I truly believe with all the objectivity I can muster that he would be right up there in the running if not the outright winner.

Transitioning to the Third Generation

Despite all the factors pulling against the second generation owners, they have successfully managed to transition from the parent generation to the sibling generation. There were bumps along the way, but most of the kinks have been ironed out and things are running smoothly… for now.

Communication Needed to Make Family Succession a Success

Picture a highly successful family-owned Canadian business. The owner, a man in his 70s, should be at the point when he can retire and hand off the company to the next generation. But he just can't let go. Or, perhaps more accurately, he won't let go because he doesn't consider his two children -- both of whom are working in the company -- to be ready to take over.