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Started By
Message
Anyone ever quit a family owned business?
Posted on 12/28/16 at 10:56 am
Posted on 12/28/16 at 10:56 am
Just wondering if anyone had worked with family for a long time and quit to go start your own business? I am approaching 14 years of working with family, but will be leaving and starting my own business with a month or two. Part of me is having feelings of sadness from leaving something I have been highly invested in for so long. However, I would caution everyone to never go into business with your family.
26
Posted on 12/28/16 at 10:58 am to uptownsage
quote:
However, I would caution everyone to never go into business with your family.
This is day 1 stuff. Money and family don't mix well.
Posted on 12/28/16 at 10:58 am to uptownsage
Is the business 1st generation?
Posted on 12/28/16 at 11:00 am to uptownsage
Worked for my brother's construction company as a foreman for a little while. We have the same personality, so I got out before we damaged our relationship. It paid well, but wasn't worth the resentment I felt towards him during that time.
Posted on 12/28/16 at 11:00 am to iknowmorethanyou
quote:
Is the business 1st generation?
Second
Posted on 12/28/16 at 11:01 am to uptownsage
I did...but it wasn't my family that owned the company.
Posted on 12/28/16 at 11:02 am to uptownsage
Is the 1st gen still involved?
Posted on 12/28/16 at 11:04 am to uptownsage
I've been thinking of moving on TBH - been in the back of my mind for 2-3 years now. Been with our biz for 11 already.
At the end of the day, you need to do what is best for you and your direct family (wife/kids/etc).
At the end of the day, you need to do what is best for you and your direct family (wife/kids/etc).
Posted on 12/28/16 at 11:05 am to iknowmorethanyou
quote:
Is the 1st gen still involved?
No, passed away.
Posted on 12/28/16 at 11:06 am to uptownsage
A good friend of mine who started and has owned his business for over 20 years told me a story that I will always remember. He had several sisters, nieces, cousins etc working for him. When things got rough during the recession, he got his eye back on the ball (he admitted he had gotten very complacent) and looked closely at his operation, expenses. He found that several of his family members were stealing from him and not in an immaterial way. He had to fire 2 sisters and one of his nieces. His mother stopped talking to him and many other family members turned their backs on him. And he summed the whole thing up beautifully at the end of the tale when he drained his glass and said:
"Family...the other F word"
"Family...the other F word"
Posted on 12/28/16 at 11:07 am to uptownsage
nvm
This post was edited on 12/28/16 at 11:07 am
Posted on 12/28/16 at 11:07 am to uptownsage
Did they do any succession planning?
Posted on 12/28/16 at 11:08 am to uptownsage
I worked for a company that my dad co-founded for about 6.5 years and quit because I needed a change. I've thought about going back a couple of times and I still might eventually.
Posted on 12/28/16 at 11:10 am to MorbidTheClown
quote:
I did...but it wasn't my family that owned the company.
You know the saying: if you're in a family business and you're not in the family, you're getting fricked
Posted on 12/28/16 at 11:11 am to uptownsage
Have worked with many family owned companies doing M&A.
Only a few had families that worked well together. The rest were disasters which is why they were for sale.
Smart companies doing acquisitions have a hard and fast rule that family members do not stay employed with the new company
Family businesses that worked well treated family members with a high degree of respect but were very clean on who owned the company. Family employees understood they were treated like all employees and had no entitlement.
Working for family IMO is not a great career move.
Only a few had families that worked well together. The rest were disasters which is why they were for sale.
Smart companies doing acquisitions have a hard and fast rule that family members do not stay employed with the new company
Family businesses that worked well treated family members with a high degree of respect but were very clean on who owned the company. Family employees understood they were treated like all employees and had no entitlement.
Working for family IMO is not a great career move.
Posted on 12/28/16 at 11:12 am to uptownsage
i am 2nd generation and just recently bought out my father (1stgen). we worked together for ten years, and i'd be lying if i said it didnt affect our relationship, or that i didnt consider leaving many times
if there is not a clear path for you to eventually take over/own the business, i can see how it could be frustrating to the point of actually leaving
if there is not a clear path for you to eventually take over/own the business, i can see how it could be frustrating to the point of actually leaving
Posted on 12/28/16 at 11:13 am to uptownsage
quote:
Anyone ever quit a family owned business?
quote:
starting my own business with a month or two
would u be a competitor?
Posted on 12/28/16 at 11:13 am to uptownsage
My brother in law's family owned a business that I worked at for a few years. They always talked about the opportunity to advance, and it did happen, but I could kind of see a ceiling for my potential there so pursued another opportunity
Posted on 12/28/16 at 11:13 am to uptownsage
My dad was second generation in a business. As soon as my grandfather passed it went straight to Hell. He and his brother did not agree on anything.
Any change gives a sense of sadness even if you don't own the business.
Any change gives a sense of sadness even if you don't own the business.
Posted on 12/28/16 at 11:19 am to uptownsage
Yea quit my dad's business because I was more passionate about other things
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