Keeping the Business in the Family

June 23, 2008 at 7:02 pm Leave a comment

I read an article in today’s Financial Post called Keeping it in the Family. It reminded me of the discussion I had with Brian in the car yesterday on the way back from the cottage. The article discussed the McCarthur Fine Furniture story in Calgary and the generations expected to keep the business in the family. The parents have been sending their children to meetings to get external viewpoints on the business and to see if it is something they truly are passionate about. Ted Pound, the founder, explains that “the biggest challenge is recognizing first of all that it’s a business and then second, it’s a family and that’s always a challenge.” Those were my thoughts exactly when I asked Brian if he plans to take over or buy out his fathers Eavestrough business when he retires. Although it seems like a natural course of action, it might not be the right course of action.

Running a business is so very different than simply working in it. Although Brian is excellent at what he does and has been doing it for over 10 years, it is not enough to determine his ability to successfully run the business. Sales, marketing, HR, and payroll are areas where he has little to no experience, but he knows what has to be done. Many people become entrepreneurs out of scenarios similar to this and succeed. Why? They persevere, are enthusiastic, and are not afraid to ask for help.

Attending free seminars such as BizLaunch‘s How to be a Successful Entrepreneur offered in STAPLES Business Depot stores cross Canada has helped many people in starting and running a business. Others such as Trudy Van Buskirk , do email coaching, and Andrew Patricio do one-on-one and telephone coaching. With all these affordable services entrepreneurs-to-be have more than enough resources to follow through in inheriting and developing a successful business.

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