There is a high end housewares company
in the midst of a very painful
management transition.
When the dad ran the company,
sales were high,
and product lines were profitable.
The brand is so powerful
that vendors will wait over a year for payment.
… And they have been.
Why?
Because when the dad retired,
he convinced his son to take over.
It was his legacy, he argued.
It may be the dad’s legacy.
It isn’t the son’s.
The son is a computer programmer.
He is very intelligent
but he has no interest in housewares
and no aptitude for business.
He is running the business
because he feels he has to
and is doing a piss poor job at it.
On the side…
yes, he writes computer programs.
Just because your kids love you
doesn’t mean
they love your business.
Don’t link the two.
Assume you’ll sell your business
to someone outside the family,
and give your children
the freedom to build their own legacy.