|
|
 |
|
| Your Family's 100 Year Plan |
Behind a Behemoth
Michelle Seaton
12/01/2004
|
Jeff Sullivan never expected to be president of his family’s company, nor did
he really want the job. He was happy to leave the battles with his father over
management decisions, expansion plans and capital outlays to his older brother,
Jay. “I thought, ‘I’m the second kid; what do I have to worry about?’ ” Jeff
recalls.
The question tempted fate. Like many other members of the second
generations of entrepreneurial families, Jeff would soon find that his life was
inextricably entwined with the fortunes of, and conflicts within, his family’s
business.
TOP VIEW
Children who are born to successful entrepreneurs face unique challenges as they
strive to define themselves in both their professional and personal lives. This
second generation often finds itself competing for attention with that other
very demanding child, the family business. Adult children of entrepreneurs often
find their fates remain tied to the fortunes of the family business, and their
need to strike out and establish their own identities may conflict with the entrepreneur’s desire to remain in control. |
Jim Sullivan, the family patriarch and a hard-driven entrepreneur,
bought Dallas-based Sutton, Steele & Steele in the late 1960s, when the
company was in freefall. He renamed it Triple/S Dynamics, and over time built it
into a leading manufacturer of conveyor belts and industrial screens, with $12
million in annual sales.
Jeff joined Triple/S in 1982, just a year and a
half after graduating from college. By 2001, he had reached his mid-40s with a
child, a mortgage and a stalled career. He felt trapped in his job and
frustrated by the way his father (and boss) habitually second-guessed his
decisions. His father had promised to make Jay the company’s president, but like
many business founders, he was loath to discuss stepping down. “The way we
handled succession was to pretend it wouldn’t be an issue,” Jeff
explains.
Jim had always promised his sons that he would retire at the age of
65, but that birthday came and went with no sign he planned to yield control.
Then he promised he would go at 68. But as Jim turned 70, his sons found him
still coming to the office at 8 am, seven days a week, and micro-managing his
business.
Jeff understands his father’s desire to stay active. Like many
entrepreneurs, Jim loved his creation and, in many ways, defined himself by its
success. “From my dad’s perspective, he is thinking: ‘What am I supposed to do,
go off and die? I love my kids, but I’m not going to go out to pasture.’ ” Jeff
saw no viable way to improve his own situation while his father remained in full
control. “It never crossed my mind that I could leave,” he admits. “And that’s
not healthy.”
Sibling Rivalry
Like Jeff, children of successful entrepreneurs often feel
trapped—either because the founder is unwilling to cede control or because they
themselves are ambivalent about their role in the family business. Family
business counselors say that before heirs such as Jeff and Jay Sullivan can
confront a parent about issues such as succession, they must recognize the role
that the business has played in their families, and how they feel about
it.
|
|
|
|
|
|
|
