We talk about succession a lot but the US family business referred to in the article below bucks the trend of negativity, speaking openly about the 'heightened confrontation but greater loyalty' associated with the succession process.
They also offer some good advice to others on the succession journey such as creating a proper board, playing to your strengths and remembering to spend time together outside of work.
Sound advice. Succession can work but needs to be handled properly and when it comes to stepping into the shoes of your father, it is important to remember to be yourself and to put your own mark on the role too.
Your Dad will always be your Dad but the business needs good leadership.
For some fathers, allowing their son to take the lead role in a company they founded may be a difficult pill to swallow, but Rick Platt says watching his 28-year-old son excel as CEO of a company he created has been a source of pride. Together, Rick and Jeff Platt have grown their indoor trampoline park, Sky Zone, from one Las Vegas location to 37 locations across North America. The father-son duo speaks candidly about the challenges of running a business together and offer advice for other entrepreneurial families.