Dear Rock,
I’m in a tough spot. My father has been running our printing company for over 40 years. He’s done an incredible job building the business, but he’s in his upper seventies and retirement is inevitable. Dad doesn’t want to talk about it at all – and he’s not doing much to make sure people are in place for when he does leave. How can I encourage him to think about exiting?
This is a common situation among family businesses. You appreciate your dad’s efforts over the years, but you are also focused on the future – for you and the company.
Your dad’s not thinking along those lines, but it’s probably not because he’s selfish or a control freak. I’m sure he loves his family and his business, and wants both to succeed.
The problem is that a major part of your dad’s identity is tied to the business. For over 40 years, he’s been coming to work and giving his heart and soul to the company.
That’s why he’s petrified of the thought of losing the business. If his business is taken away from him, he loses a piece of himself. His identity is based on his business, be that or good or bad, and it can’t be taken from him.
If you want him to think otherwise, consider the following:
Build a vision for himself. Your dad is a visionary, so have him construct a vision for himself after retirement. What would he like to do? Travel? Start another business? Play music?
If he can establish a goal for himself after retirement, then he’ll have something to try and achieve.
Put the business first. Your dad seems like he would do anything for his business, so ask him how the business will live on after he’s gone. What steps has he taken to ensure it will succeed for the next twenty years?
Tell him how he’ll be remembered. Describe to him the scene that will occur if he were to leave or pass away without a solid transition plan. Show him the complete turmoil that will occur, and ask him if that’s how he wants to be remembered. Business owners are sensitive to their legacy, and he’ll want to preserve his.
Change is not easy for anyone, and especially not an independent-minded business owner. If you ask the right questions, however, you’ll get him to think more about his family and his business, and how to keep both intact.
Rock LaManna is the President and CEO of the LaManna Alliance, a business advisory and consulting firm that helps printing owners and CEOs use their company financials to create successful strategies. He blogs regularly about family business solutions for the printing and print-related industry.
