I work with many different types of family businesses and family dynamics in this line of work. One specific client has been on my mind this week, wondering whether they’ve gotten traction on a key recommendation we provided. This family business is not so unusual. There are multiple generations involved in the business. The patriarch is in his 80’s.
If you're seriously considering turning over the reins to someone else or selling the business, you have to ask yourself, what's next? What will you do with those 50, 60, or 80 hours a week? What could be as invigorating, challenging, and consuming as running the business? You're not so old that lounging around – resting – has much appeal. The trouble is, while you've been investing all those long hours at the company, your spouse has developed his/her own interests, friends, schedule, routines, and habits.