Key Points for Business Owners - Episode #2

By Debbie Nicholson
https://www.linkedin.com/in/debbie-nicholson-24a53627/

I understand your concerns. After speaking with many first, second, third, and even fourth-generation printers, I've noticed a common theme: their children and grandchildren show little to no interest in continuing the family printing business.

But why is that? You have worked hard your entire life to provide for your family, not just for the present but also their future. For years, you've envisioned them continuing the legacy in print.

Yes, they likely earned extra money during their summer breaks and helped out when business was booming or during rush jobs that required all hands on deck. In those moments, they experienced teamwork, accountability, critical thinking, organization, communication, and a sense of purpose. And for free, they had the chance to learn about entrepreneurship from you - a big win! Yet, the answer is still no!

A Path Forward:

Define Your Legacy:  Early on, it’s important to outline what your legacy means to you and discuss it with your family.

Ask Difficult Questions:  Be prepared, as the answers may not align with your expectations.  Ask questions like, “What do you envision for your future? Do you see yourself taking over the business, or are you more interested in exploring your path and pursuing other opportunities?  Just listen!

Develop an Alternative Plan:   If your family is not interested in taking over the business, it is crucial to develop a plan that doesn’t depend on them. This plan could involve selling the company, transferring ownership to an employee, or, if appropriate, considering other options, such as restructuring or dissolving the business.

In Closing:

Even though you may be disappointed, there are some positives here…

Your family's ability and independence to create and follow their paths reflect the strength and courage they have inherited and experienced from you. Well done!