Keeping family businesses running at an optimal level, especially across generations, could be pretty hard. Perhaps, a popular American aphorism ‘shirtsleeves to shirtsleeves in three generations’ – wealth gained in one generation will be lost by the third – affirms how difficult it could be to sustain family-owned enterprises.
Trotman was deeply involved in the business and established herself professionally in other firms, occupying various roles in logistics and supply management, long before she took over the company, which started in 1986, from her parents. “There is no issue of sentiment or emotion,” he warned, noting that any founder who desired to be succeeded by their child should let the potential successor participate in the business and undergo effective training to prepare them for leadership.
“Bring your child near you and mentor them over the years. They can join the company after finishing school. Even when they are students, they can be with you in the business whenever the school is on holiday. You have to groom the child on the intricacies and the organisational structure of the company. That way, they will know about the business.”
He said, “However, he can prepare for the future effectiveness by ensuring that the person to take over understudies him to know the culture of the workplace, the structure of the business, and understand the required capabilities and resources needed within the business. He stated, “The successor may not be able to fit in. To that extent, there will be problems in terms of management of the company, deliverables, and performance. And at the end of the day, if it is not tactically managed, it can lead to the death of the business.