Hard Work – An Essential Family Business Value

This week, Wayne shares a special Labor Day message. Enjoy – and we look forward to your comments.

Please click here to download the transcript.

  1. Wayne, as I’ve said before, your video blog consistently delivers some of the best insight in the important field of family business.
    I’d love to hear you comments on what I call ‘the two-step hand-off of businesses’ to the next generation.
    There are two things to hand off. The handing off (selling) of the ownership of the business to the next generation and, secondly, handing off the responsibility and decision-making authority. It is often assumed that these two go together as a package…but, often, this is not the case.
    The 1st scenario is where Mom and Dad still like each other and want to travel the world together. So, they transfer the responsibility of running the business to the kids…but don’t transfer the ownership. The kids work hard for years without being compensated appropriately and without knowing when or if it will be theirs some day.
    The 2nd scenario is where Dad sells the business to the kids but also says, “Your Mother and I don’t get along very well so, even though I’ve transferred ownership of the business to you, I will still be coming into the office to micro manage and 2nd guess you, because there’s no way I’m going to spend time with your Mother.
    Wayne, I see these scenarios a lot in the work I do with family business clients. Your thoughts please.
    Best regards…Donald Cooper
    Toronto, Canada.

  2. Families recognition of Hard Work requires recognition of the opportunity cost, Intellectual Property subject matter skill and capabilities and the market value of successful work product. Family business participants need to have peer comparison.

  3. Wayne. We have a daughter and daughter in law that are stay at home mother’s that home school their kids. They work hard, are not supported by the government but wouldn’t be considered part of the ” work force “. Thanks for your thoughts, just question the numbers a little.

    • Yes, Stan. One of my consultants also – rather vigorously – remonstrated with me over out the same point. Retirees and non-working spouses are definitely counted in the 91 mil number. That does not, however, mean that the number of people out of the workforce isn’t still historically very high. It is, and that’s my larger point.

  4. Looking forward to receiving the transcript.

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