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  • Transition into family business

    updated 2 years, 4 months ago 0 Member · 1 Post
  • Charles

    Member
    July 16, 2019 at 7:49 am

    Hi everyone! First time poster in here and thank in advance for your time and advice In short, I’m in my late 20s and spent the first half of my career in startups, and the second half in corporate environment focusing mainly on operations (some finance) and project management. All things considered, I feel really fortunate for the career I’ve had so far and lucked out with being on a few great teams. My first job (lasted for 3 years) was being the first employee at a startup and helping them scale out and once I’d decided I wanted to leave the east coast and make my way back to the midwest, I took job with a much larger technology company and have spent the last two and a half years learning the ins and outs of the corporate world. Both have had their pros and cons and have helped me feel like I’ve had a well-rounded experience for the first ~5 years of work since I left college. My father has owned his own business for the past ~20 years or so and had always lightly thrown out the idea of one of us (I have two siblings, neither have interest of coming into the business) eventually taking over. We’ve casually spoken about a transition but I’ve known that he’s been interested in retiring in the next ~5-10 years. I’ve been interested in working for him for quite sometime but wanted to make sure I’d been able to pick up my own skillsets/experiences with other employers before I’d started working for him (this was always something we’d spoken about long ago and agreed on). I really, really respect how hard my father’s worked and what he’s built, and wanted to be sure I was bringing a strong set of skills to the table once we all felt ready for a transition. About two months ago, I reached out and asked him what he’d thought about having me work for him and once he new I was serious about moving back to our hometown, I think he was thrilled with the idea. He wants to retire relatively soon and wants someone he trusts to eventually take over his role because he really does cares about his current employees and wants to leave them with someone who treats the company with the level of respect that he does. I also know there’s a big part of him that wants the business to stay in the family rather than see someone else reap its benefits because of how much hard work and sacrifice he’s put into it. I truly cannot wait to get back to a small business environment and learn with a new team, as well as take what I’ve learned from my first role when I scaled out a team using new technology. We both agree that my experience for the past 5 years or so will be a good fit with what he currently does/what his company needs as he makes a transition from an all-paper business to cloud-driven. The current plan is I’d start out as a jr. employee, and eventually transition to his role over 5-7 years. It feels like a win win for both of us. SO – getting to my questions (finally, I promise!) Has anyone here worked for their parents? Any pitfalls I (and we) should be looking out for? Is it worth trying to set boundaries for work/personal life? I don’t want us to feel like every time we get together after hours something from work is hanging over our heads They’re an all-paper company. I’d like to eventually transition them to primarily cloud-driven (Office 365). Anyone have experience in doing this? Any must-reads for small business management? Tell me about your experience! I’m eager to learn more Quick summary of my experience for reference: Job 1 – First employee at a startup. Scaled company from 4-15 employees. Helped grow revenue by 4x over 3 years (we were just shy of 7-figures by the time I left). We were heavily focused in technology startups and helping build teams from the ground up. I played the operations / finance / HR role with this team, and managed a few team members. My title was project manager Job 2 – Project manager in the midwest at 5,000+ employee technology company focused in security. I’ve worked for a few major accounts doing program mgmt, and have polished up some of my more traditional ‘corporate skills’ Thanks in advance! Lotta text, I know, but willing to chat with anyone and everyone 🙂 submitted by /u/midwestsmallbiz [link] [comments]

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