Family business
January 2, 2011 9:18 PM Subscribe
Joining the family business four years into my career. Is this a good move?
I am asking this because while I know people have different views on family businesses- I wonder if anyone has been in a similar situation as me and what they did.
My father got out of graduate school and went to work for Company A. His colleague in graduate school was the son of the man who owned Company A. It was and is an extremely successful. My father worked at this firm for 10 years before opening up a series of businesses. He now owns Company Z which he cofounded. He has seen the family business model in his own career.
He has hinted that they would love to have me on board. It's a sales training company. He told us at dinner about how they tripled their hiring this year (it's now a mid-size firm) and how they are doing well even in a recession. They have revenues between 20-30 mil in their third year. I respect my dad enormously and we have a good relationship.
I have been working in the public sector but am very interested in the business and think it would be a good fit. I am in my mid-twenties and looking to make a move to a new job. I could envision working here for at least five years. What am I missing here?? What have your experiences been making the move to the family business?
Thanks. Follow up email: askme1234@gmail.com
I am asking this because while I know people have different views on family businesses- I wonder if anyone has been in a similar situation as me and what they did.
My father got out of graduate school and went to work for Company A. His colleague in graduate school was the son of the man who owned Company A. It was and is an extremely successful. My father worked at this firm for 10 years before opening up a series of businesses. He now owns Company Z which he cofounded. He has seen the family business model in his own career.
He has hinted that they would love to have me on board. It's a sales training company. He told us at dinner about how they tripled their hiring this year (it's now a mid-size firm) and how they are doing well even in a recession. They have revenues between 20-30 mil in their third year. I respect my dad enormously and we have a good relationship.
I have been working in the public sector but am very interested in the business and think it would be a good fit. I am in my mid-twenties and looking to make a move to a new job. I could envision working here for at least five years. What am I missing here?? What have your experiences been making the move to the family business?
Thanks. Follow up email: askme1234@gmail.com
A company that does 20 to 30 million a year of which your father is the owner? Go for it and milk the opportunity.
I assume that your father is competent/honest enough not to make you his number two. But, assuming the company is profitable you could position yourself to acquire a very large asset via equity grants.
If you do decide to do this, however, treat it as a business relationship, first, and retain your own lawyer.
posted by dfriedman at 10:02 PM on January 2, 2011
I assume that your father is competent/honest enough not to make you his number two. But, assuming the company is profitable you could position yourself to acquire a very large asset via equity grants.
If you do decide to do this, however, treat it as a business relationship, first, and retain your own lawyer.
posted by dfriedman at 10:02 PM on January 2, 2011
I wish I could say I had a family business to go to, but I have to say it sounds like a great opportunity. The mid-sized company run by your dad seems like it would provide a more entrepreneurial atmosphere and offer more opportunities for rapid promotion than the public sector (no offence to the public sector of course). It sounds like your dad is also a great guy, which means you get a boss and a mentor you respect and who respects you (which is not easy to find in any job!)
Career wise, I can't see how this could hurt your resume (unless you really want to do what you're doing in the public sector and that has nothing to do with the family company). In terms of generic skills you will probably get a much more strategic/managerial role at the family company, which will look good if you want to get into that kind of role in the future.
I know you're probably looking for possible downfalls, etc, but I just wanted to say it sounds like an awesome opportunity to me!
posted by strekker at 12:48 AM on January 3, 2011
Career wise, I can't see how this could hurt your resume (unless you really want to do what you're doing in the public sector and that has nothing to do with the family company). In terms of generic skills you will probably get a much more strategic/managerial role at the family company, which will look good if you want to get into that kind of role in the future.
I know you're probably looking for possible downfalls, etc, but I just wanted to say it sounds like an awesome opportunity to me!
posted by strekker at 12:48 AM on January 3, 2011
I have a couple of friends who did just this. They both have excellent personal and professional relationships with their fathers, and it's worked very well for both of them.
That said, something they've both done periodically over the past 15 years or so is take one or two year sabbaticals to work outside the family businesses. The result is that they've got something quite substantial to put on the table should they ever need to look for other jobs.
I get the sense that a bit of diversity in your resume is something quite important to have. Other potential employers might look at a single long term bloc of employment by your father from a slightly jaundiced viewpoint. For example, they might not be sure your father hired you as the best guy for the job. They might not be sure you haven't been coasting in that job.
So ask whether your father is willing to let you take some time off for career development purposes a bit down the road. Then go for it!
posted by Ahab at 2:47 AM on January 3, 2011
That said, something they've both done periodically over the past 15 years or so is take one or two year sabbaticals to work outside the family businesses. The result is that they've got something quite substantial to put on the table should they ever need to look for other jobs.
I get the sense that a bit of diversity in your resume is something quite important to have. Other potential employers might look at a single long term bloc of employment by your father from a slightly jaundiced viewpoint. For example, they might not be sure your father hired you as the best guy for the job. They might not be sure you haven't been coasting in that job.
So ask whether your father is willing to let you take some time off for career development purposes a bit down the road. Then go for it!
posted by Ahab at 2:47 AM on January 3, 2011
I agree that it is an excellent opportunity. In addition to the current prospects, it sounds like your father very much wants to include you in continuity planning, which could serve both your needs and his very well. Most entrepreneurs want to know that the business will carry on in good hands twenty and fifty years after they have left the helm.
posted by megatherium at 4:27 AM on January 3, 2011
posted by megatherium at 4:27 AM on January 3, 2011
I've not had personal experience of this, but have seen the dynamics in a number of family businesses.
In a nutshell, what happens in family businesses reflects the range of things that happen in families. At one extreme, there are people who are close, who completely trust each other, who know each other's strengths and weaknesses and foibles, and make a great team. At the other extreme, there are power games, festering resentments, sons trying to show dad they're good enough, and parents who still treat their children as infants.
Also, whether family relations are wonderful or horrible, decisions can get made on the basis of the relationship dynamics instead of what is good business.
Overall, people's mileage can and does vary a lot, but it sounds like in your case you have a lot going for you... good family relationships, a business that interests you, and which appears to be well run and growing.
My only caveat would be that you get clear with your family whether you are expected to be the heir who is deeply committed and will eventually take over, or whether it's ok to treat it as a five year job.
posted by philipy at 5:19 AM on January 3, 2011
In a nutshell, what happens in family businesses reflects the range of things that happen in families. At one extreme, there are people who are close, who completely trust each other, who know each other's strengths and weaknesses and foibles, and make a great team. At the other extreme, there are power games, festering resentments, sons trying to show dad they're good enough, and parents who still treat their children as infants.
Also, whether family relations are wonderful or horrible, decisions can get made on the basis of the relationship dynamics instead of what is good business.
Overall, people's mileage can and does vary a lot, but it sounds like in your case you have a lot going for you... good family relationships, a business that interests you, and which appears to be well run and growing.
My only caveat would be that you get clear with your family whether you are expected to be the heir who is deeply committed and will eventually take over, or whether it's ok to treat it as a five year job.
posted by philipy at 5:19 AM on January 3, 2011
Nthing philipy to clarify the relationship and roles before going into it.
Also, you don't say whether you have completed a college education, which would be important to be seen as qualified in most leadership positions. My brother-in-law is currently struggling to rebuild his life after the family business he had taken over failed. He had gone into the business, worked in it and taken it over without completing college. As a result, he had little positive on his resume once the business failed.
Family dynamics are also important... Think about the most unpleasant interaction you've ever had with the family members involved, and then think about what it would be like to tie your own (and your own family's) income to it... In our family's case, it made going into the family business a very bad choice -- which is why my spouse opted out. Today, we're really glad he did. ymmv
posted by northernlightgardener at 7:45 AM on January 3, 2011
Also, you don't say whether you have completed a college education, which would be important to be seen as qualified in most leadership positions. My brother-in-law is currently struggling to rebuild his life after the family business he had taken over failed. He had gone into the business, worked in it and taken it over without completing college. As a result, he had little positive on his resume once the business failed.
Family dynamics are also important... Think about the most unpleasant interaction you've ever had with the family members involved, and then think about what it would be like to tie your own (and your own family's) income to it... In our family's case, it made going into the family business a very bad choice -- which is why my spouse opted out. Today, we're really glad he did. ymmv
posted by northernlightgardener at 7:45 AM on January 3, 2011
I have friends who have done this and worked with people who are in your position:
1. If you hate the work, do not pick this job.
2. Do not pick this job just for the money. You know what sucks as an employee? Having someone who is probably competent enough to get where they are without the connections, but carry this entitlement chip on their shoulder and end up being an asshole to everyone.
3. Realize that everyone is kissing your ass because you're the boss' son. Make sure people aren't doing your job for you. People will take your "position for life" and try to make themselves invaluable.
4. Please don't take advantages over people in your position. If you have two weeks of vacation, don't take more than that. Yes, you'll get away with it and no one will say anything, but it'll drive your colleagues up the wall. If you're in an executive position, this matters nowhere near it is for everything below that. Same goes with coming in and out of the office. Just remember that you'll likely be able to get away with anything and no one will tell your dad.
To stay grounded, just keep in mind that people will treat you like your dad. Again, if you're hired as a Vice President or some other high level position, this isn't that big of a deal. It is a big deal if all the other sales managers have to do Widget Accomplished Report and you merely send in a short e-mail to whoever they submit it to. People just won't come out and say, "Hey you're suppose to actually fill out this report, and when you don't, I end up having to do it." Some might say that, but I'd guarantee you that a lot will keep their mouths shut and it'll form resentment.
Finally, my friend had a phrase he uses when we tease him about his position, "I got this job because of my parents, I've stayed on because of my abilities." It is sort of corny, I think he says it to reassure himself, but you might want to keep it in the back of your head in any existential crisis moments.
posted by geoff. at 9:20 AM on January 3, 2011 [2 favorites]
1. If you hate the work, do not pick this job.
2. Do not pick this job just for the money. You know what sucks as an employee? Having someone who is probably competent enough to get where they are without the connections, but carry this entitlement chip on their shoulder and end up being an asshole to everyone.
3. Realize that everyone is kissing your ass because you're the boss' son. Make sure people aren't doing your job for you. People will take your "position for life" and try to make themselves invaluable.
4. Please don't take advantages over people in your position. If you have two weeks of vacation, don't take more than that. Yes, you'll get away with it and no one will say anything, but it'll drive your colleagues up the wall. If you're in an executive position, this matters nowhere near it is for everything below that. Same goes with coming in and out of the office. Just remember that you'll likely be able to get away with anything and no one will tell your dad.
To stay grounded, just keep in mind that people will treat you like your dad. Again, if you're hired as a Vice President or some other high level position, this isn't that big of a deal. It is a big deal if all the other sales managers have to do Widget Accomplished Report and you merely send in a short e-mail to whoever they submit it to. People just won't come out and say, "Hey you're suppose to actually fill out this report, and when you don't, I end up having to do it." Some might say that, but I'd guarantee you that a lot will keep their mouths shut and it'll form resentment.
Finally, my friend had a phrase he uses when we tease him about his position, "I got this job because of my parents, I've stayed on because of my abilities." It is sort of corny, I think he says it to reassure himself, but you might want to keep it in the back of your head in any existential crisis moments.
posted by geoff. at 9:20 AM on January 3, 2011 [2 favorites]
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posted by Gilbert at 9:34 PM on January 2, 2011