Anyone in a family business knows that according to many statistics, the chance of the business surviving declines with each handoff to the next generation. What causes the drop off? Among the myriad of reasons, times change, dedication levels vary, and talent isn’t always genetic.
If you’re in family business, do any of the following sound familiar?
Granddaddy toiled day and night. He adored his work and never stopped with the new ideas. Most of his creations met with tremendous success. He just had a knack for knowing what the public wanted. My uncle, on the other hand, has practically run the place into the ground. He’s got an idea a minute. Unfortunately, almost everything he dreams up is a dud.
This place certainly has an us-versus-them feel. If you’re family, you get away with murder. If you’re not, the rules are the rules. I’m sick of it. The culture shifted when Jenny married Greg, and he started working here. I’ve dedicated years to this company, and it breaks my heart to see how an entitled spouse has practically ruined it. You think Jenny would know better.
Since we were in the cradle, Mother has had us on a path to take over the reins. My brother and I know the business inside, outside, and everywhere in between. Perhaps familiarity breeds contempt. Because as the years go by, I see my options slipping away. I’m only 23. Maybe I’ll get the courage before the end of the season to tell my parents I’m leaving to go to law school.
