Are you a first generation owner moving into a second generation of family ownership? Turning the reins over to the next generation is tough.
It’s even tougher when family is involved. First generation owners have been running “Mach 5 with their hair on fire” since the inception of the business. They have spent their entire lives working “in” the organization to, very possibly, the dismissal of many other aspects of their lives.
Retirement onboarding that includes first generation to second generation hits home in very personal ways. It can’t be just about the business. It has to be about the family as well. After all, you will continue to share a Thanksgiving table long after your retirement from the business.
Finding the right balance between family ownership, employee ownership, and how to get your money back out of the business are just a few of the critical discussions and decisions that have to be made. The sooner transparent discussions can start, the sooner everyone is on board and heading in the same direction. It’s not easy, but it can be done through open communication, frank discussions of company vision, and forward-looking strategic planning.
This is Part 2 of a 15-Part Series
Topics Covered in the Series Include:
- Integrating Other People and Processes
- Future Vision for Your Company
- Communicating Family Succession Plans
- The Ideal Lifestyle for the Retiring Contractor
- The Construction Retirement Masterpiece
Interested in learning more? Contact us.