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I was having lunch this weekend with a contractor friend of mine and we got to talking about how on Friday he had to fire his Son-in-law and he was not looking forward to this week, since his daughter is having a get together on Wednesday.
So it made me think, have you ever had to fire a family member? And were and what, if any ramifications were there?
I like that Nuke, I am going to add that to my wall of "Quotes"
It is true, I am seen many 3rd generations fail and never recover. They are hired as young laborers and knowing that someday they will "take" the company over they learn nothing about how to run the overall day to day operations. That is where the failure is.
Another truism about family owned businesses is that non family members or "hired help" are only there to perpetuate the business until the next generation comes along. I wish I had a dollar for everyone who was duped into thinking that they would get a part of the business, and they were given titles such as "Grand Potentate of All Things Important"
Remember the saying "Blood is thicker than water"
Firing family members
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