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Sender:  Sam, Natick, MA

Family Business and Transition

I have a business that I have been growing since I was in my early twenties. It is a real estate business and I rent commercial and residential units. I'm getting close to retirement age and I'm getting tired of the daily operations and I'm thinking about passing the business onto my children (plus my health has been getting worse over the past couple of years) . Some of them have shown limited interest in the business, but I'm not sure what to do. Sell the business, give to them, sell it to them, I don't know. I want to provide a secure future for them and my grandchildren, but I'm afraid there will be problems. Some may be jealous to be left out, others may not do a very good job with the business, and others may not care. Is there anything you can do to help with my business problem which is very much a family concern?

Dear Sam: 

Family businesses make up the largest number of businesses in America. And knowing what to do with a business when you are finished with it is a very difficult decision. You indicate that there may be family issues that need to be resolved, or at least worked on before the business is transferred. I completely agree.

The key is to get the family talking frankly about their interests, needs, and abilities. Certainly, you know your children well, but you may be surprised if you begin direct conversations with them about your concerns. This may be a departure from your normal way of interacting with them. If so, don't worry. We can help you by making you more comfortable with these kinds of discussions. We can help you articulate clearly your objectives and needs and your limitations. We can facilitate large or small family meetings, and begin to assess and coach all members through this process.

In the end I think you will find CenterGround services helping you because we keep you focused and clear about what it is that you want and need. We identify distractions; refocus conversations so that key decisions can be made in ways that are rational, equitable and intelligent. Give us a call and we can talk more about it during an informal consultation.

Chip Bradish, LMHC

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