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Hello. I’m at a bit of a crossroads with my career and I’m after your thoughts and experience.
My family run a successful business and I have always planned to work there at some point in my career. I love it. I realized early on that the organisation needed some outside experience, as the only senior managers are family and they have worked in the company since school– inbred! The head of the business is also the majority shareholder and calls himself “tier 1”. Two of my other relatives are next in line, “tier 2”. I don’t have a lot of faith in tier 2’s ability to run the company (nor do the rest of the company, nor family). They are classic nepotism – at the top of the business because of time served and genetics. Without tier 1, they’d be lost.
I got myself some relevant qualifications and now have 5 years of experience with a world leader in our industry and have worked across many of the business functions and across Europe. I’ve got loads of contacts and really fresh eyes. I think it is time to start talking about moving back to the family company and being able to bring some of my experiences, ideas and skills to improve the place. They have made me an offer and I’d become "tier 3" – basically an ordinary worker. Fair enough as I am young but I can see that the future with tier 2 at the helm is sketchy and I feel like I have a better strategic view of the business than they do and a load more motivation to build the company.
I want to have a succession plan drawn up, identifying key roles and ensuring that whoever takes on a role has the relevant skills and experience. In doing so we ensure the business isn’t bogged down with numpties. Tier 1 is so oldschool he doesn’t want to have a formal plan, but I know as soon as he’s gone, there will be a shit storm. I may have to work under numpties for many years and even then, they will hold the shares, possibly until death. Tier 1 has the power to sort this out, and has stated that he has faith in me – but without this in writing it means nothing.
Tier 1 would love for me to come as we work great together but I don’t want to move country with my young family, settle down where I grew up (weird) and work for a few years, only for him to pass away and leave a gaping leadership hole in the business.
I feel that I’d be doing a load of good at the business, making the numpties richer and supporting other relatives who would struggle in “the real world”.
Any thoughts or experience of this. Should I just stay clear away despite my future vision and energy for the company? What else could I do to ensure I can become part of tier 2?
Are you trying to get someone to do your A level coursework for you?
i'd pay good money to not be involved in a family business.
If its something you really, really want to do, but can also accept it might not happen, then tell 'tier 1' that you are only coming on board with a 'golden handshake' - might be equity, position, future position (to an agreed timetable).
But really you'd need to either fit in with 'tier 2', or they'd need to fit in with you - and can either/both happen?
I think you need to clearly put forward your case for the future of the business, saying what you think should be done and how. You can then relate that to teir 2, and whether they can carry that out.
It would be interesting to compare your vision to that of tier 1 and tier 2, which might tell you if you have a future at the place.
There must be books by leaders of successful family businesses who have takled something similar... but I don't know of them.
How about these (from a quick google):
I see these issues on a regular basis in my line of work. My advise.
This is a HR type issue as any other business might face.
There should be a clear view/or statement of what each person does in the business and performance needs to be monitored and managed, this should all be documented, irrespective of family or not. I assume this is not in place and you have predicted difficult issues down the line. Ultimately if there are people in the business that are not up to there jobs this needs to be tackled head on and sooner rather than latter but obviously you can not do anything about it.
I would sit down with tier 1 and explain what you see as the potential problem in the business and why it is unappealing for you to join (at present). Explain what you could bring to the business and your vision for the future but also what sort of set up you would want to join. Take it from there.
Chapeau, excellent first post on a cycling forum 🙄
and no, recycling doesnt count just because it has cycling in the word.
Bonus points for at least posting it in the chat section.
Liftman - I'm pretty sure this is a regular user hidding behind a sudanym to avoid ruffling some feathers or being traced, doing the uttmost to protect the brand he loves.
I'd suggest coming over and spending a couple of weeks with the business, then report back on 'future opportunities' and buy yourself some credibility.
Then cash in this credibility by writing a business case for where you see yourself fitting into the business and what benefits it would bring.
Liftman - ya got me!
the00 - thanks for the links and you're right - I'm sure this is a common problem. I actually spoke to my current MD and he explained that he was there with my current business before the family sold out. Their reason was that too many of the family were getting involved due to nepotism, but not enough quality business drivers. As a result they sold out at the 5th generation. Also, innovativerecycling is the name of the bin outside my window!
the teaboy - that a great idea - a bit of a top level view of what we can improve and then join and commit to deliver parts of it in the first 6months/year.
I think the main thing is that I get some guarantees that the future isn't going to be a family mess and instead results in good business growth, by having the right people in the right roles.