In this issue
Proprietor, professor or politician?
Goya Foods Inc.
Workaholic Walt has no interests beyond his business, so why should he set a retirement date? He works every Saturday, whether he needs to or not. During his rare rounds of golf, he obsesses about inventory, receivables and any conceivable disaster that might occur.
You've spent your whole life building your business, and although it's not time to retire, you know it is time to start training a successor to take over. Maybe you dreamed your kids would succeed you some day, but now they have their own successful careers outside the company. Or the kids who want to take over strike terror in your heart. What are your options when your children don't want to join the business? Is selling out the only option?
In many companies you'll find a few employees who are chronically restless, sometimes rebellious and often unfocused, or those who have difficulty reading or dealing with printed matter. These apparent misfits—folks who suffer from dyslexia or attention-deficit disorder (ADD)—represent about 4% of the U.S. workforce, but in my observation the percentage is higher in family-owned firms.
The explanation seems obvious: If they didn't belong to the controlling family, they wouldn't have been hired in the first place.