Articles

Father & Son Stalemate

Steve was the 67 year-old founder of a medical equipment distribution company. He had anticipated for many years that his son would take over the business when Steve retired. Steve’s dilemma was that he was ready to retire but didn’t think his son was ready to run the company.

Problem

Steve was disappointed with his son and frustrated by his seemingly impossible retirement. Steve couldn’t see his son as doing anything but frustrating his plans and bottle-necking the process.

Solution

Steve admitted he had provided no formal operational training to his son, no systematic introductions to vendors or clients, and had no real assessment of his son’s potential long term. Steve got an education on what it really takes to ready a successor. We redefined the dilemma in terms of Steve being ready to transition and his son being on a learning curve.

Results

We created a time frame that mapped a parallel process for both of them. We built a curriculum for the son after conducting a battery of assessments. The data predicted a time frame for the son’s learning curve which in turn provided a light at the end of the tunnel for Steve. Now Steve and his son were able to engage the process together with shared outcome goals rather than floundering alone. In the end, there were no regrets.

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Stacy Feiner

About Stacy Feiner

Dr. Stacy Feiner is an executive coach for the middle market, and author of Talent Mindset: The Business Owner’s Guide To Building Bench Strength. Stacy brings psychological strategies to business owners that help them improve their performance and advance their organizations. Stacy is a licensed psychologist, executive coach, author and national speaker » READ MORE