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Next Generation

Started by SteveA, June 13, 2016, 07:58:38 pm

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SteveA

My boys are in businesses other than furniture restoring - I wish they had wanted to do what I do but they weren't interested.  Probably a better choice for them anyway.  Are any of you breaking in the next generation - how is that going ?  Lots of help when you need it ? - are they devoted ? do you have a chance to step away when you want ?  Just thinking out loud after working non-stop for 2 weeks :(

SA

Virgs Sew n Sew

Steve:

I have worked in three different businesses that were taken over by 2nd generations that didn't have their heads and hearts in it.  All three were on the verge of bankruptcy.  The furniture store flooded and so that owner used the flood as his excuse for going under.  The dead cow place had to sell out to a large corporation to avoid going under and the live cow place (feedlot) had to sell a ranch in the Sandhills to keep from going under.  It has been my experience that if the second gen doesn't have the fire in their belly for what mom & pop are doing, it is a huge mistake.

Virginia
Fuck this place.

sofadoc

My grandparents literally stumbled into the upholstery business. It was a job that just happened to come along when they needed one. As the business grew, they only wanted their offspring to get into it for one reason........cheap labor.

My grandmother paid my mother slave wages, and my mother passed those same wages on down to me.

Their thought was "Hey, if I had to live in poverty, you should too".

The day that I took over the business was the day that my income more than tripled.

Do I want my kids to carry on the trade? Nope. Not if it means that I'd have to take advantage of them. And financially speaking, that's the only way I see it being possible.

We all want our kids to have it easier than we had it (at least that's the way it's supposed to be). Both of my kids are approaching 30, and are financially light years ahead of where I was at that age.

One of my supply salesmen always tells me "In every small town, when the upholsterer dies, nobody takes his place". I suspect that will be the case with me too.
"Perfection is the greatest enemy of profitability" - Mark Cuban

Mike

Quote from: sofadoc on June 13, 2016, 09:00:36 pm.

One of my supply salesmen always tells me "In every small town, when the upholsterer dies, nobody takes his place". I suspect that will be the case with me too.
im sure when im gone there will ne canvas people around here just not my son. when I had my stroke he came down to help. ........ er well have the business handed to him.................not having any skills   aand he dicided it wasn't for him and left. like you sofa I don't see how I could have paid him much to LEARN SLOWING me down at the same time less profit

byhammerandhand

This is a second career for me, starting about age 51.   Spin off of a long term avocation.   My kids were all grown and in or past college.   None of them, nor any sons-in-law, followed either my nor my wife's profession(s).   OK by me.
Keith

"Opportunity is missed by most people because it is dressed in overalls and looks like work." Thomas A. Edison

kodydog

I honestly cannot imaging working for my father. We would have been at each others throats.
There cannot be a crisis next week. My schedule is already full.
http://northfloridachair.com/index.html

gene

June 15, 2016, 02:20:37 am #6 Last Edit: June 15, 2016, 02:21:30 am by gene
I've read that 75% to 80% of second generation business owners fail within 5 years. Two reasons sited for this:

The economy/society has changed and the company has not changed with the times and the second generation doesn't have a clue on how to make the changes.

The second generation does not have the same work ethic as the first. They want the benefits of being a business owner but don't know how or don't want to put the hours in to make it work.

My son says pulling staples makes his hands hurt. I told him I could get enough business to keep him working full time and he could learn the business. He is not interested.

My daughter is a bio mechanical engineer. I don't think she would want to take a pay cut and go from counting formaldehyde molecules in solution to counting the inches of single welt cord needed for a particular chair or sofa.

gene
QUALITY DOES NOT COST, IT PAYS!

sofadoc

Quote from: byhammerandhand on June 14, 2016, 12:58:51 am
This is a second career for me, starting about age 51.   Spin off of a long term avocation. 
I think that is how many people get into the trade nowadays. A mid-life career change. Which can actually be better, because the person is more mature and knows what it will take to be successful. Just passing a trade on to your children often ends up like Gene suggested.
"Perfection is the greatest enemy of profitability" - Mark Cuban

brmax

Nope! no more training of younger techs, Though with knowledge and experience to do so I would pay to send them for some training in the specialty needed. I have seen many personnel in the tech, and skilled trades that simply fly past the others simply because a choice was made to obtain a skill training and use this for some duration. I think and have passed it on telling trainees to make a "time" commitment and mine was 3 years at a position, I think this works good professionally. From my technical background looking through literally stacks of applications and tech skill certificates its the commitment they have shown as a young person or as seen accomplishments towards an area no matter what the profession. So in short if my youngsters decide to pursue as a hobby, side work or the skilled profession I will try to find and put out the bucks for "my choice training" ( I use that a lot when my funds are used ).
And there are trainers, no offense intended, some very good trainers out there and where they enjoy it and that brief time frame is so worth it.
And so to close, I will say my kids say (things have changed Dad) and two weeks later I always have the opportunity to say Hmm! didn't really change "did it!"

Have a great afternoon, and go out for lunch this week
Floyd

byhammerandhand

There is an old maxim that "fortunes are made in one generation and gone by the third."

Studies show 60% of family fortunes don't outlast the children and 90% don't outlast the grand-children.

I used to work for a medium-sized privately owned company.   All the owner's children and their spouses worked there.  Paid directly from "the president's office" so even their boss did not know what they made.   I'm sure some even drew a salary and never had a position they had to show up for. A friend of mine had one of the boys report to him for a while.  It was not too long before my friend went to the president and said, "If xxx was not your son, I would fire him."   Did not make any difference, son requested a transfer to the Monaco office.  Daddy bought houses for all the kids.   All lived the life of spoiled privilege.   I see them all conforming to the above stats.


Quote from: gene on June 15, 2016, 02:20:37 am
I've read that 75% to 80% of second generation business owners fail within 5 years. Two reasons sited for this:

The economy/society has changed and the company has not changed with the times and the second generation doesn't have a clue on how to make the changes.

The second generation does not have the same work ethic as the first. They want the benefits of being a business owner but don't know how or don't want to put the hours in to make it work.

My son says pulling staples makes his hands hurt. I told him I could get enough business to keep him working full time and he could learn the business. He is not interested.

My daughter is a bio mechanical engineer. I don't think she would want to take a pay cut and go from counting formaldehyde molecules in solution to counting the inches of single welt cord needed for a particular chair or sofa.

gene

Keith

"Opportunity is missed by most people because it is dressed in overalls and looks like work." Thomas A. Edison

sofadoc

Quote from: byhammerandhand on June 16, 2016, 02:59:42 am
There is an old maxim that "fortunes are made in one generation and gone by the third."

Studies show 60% of family fortunes don't outlast the children and 90% don't outlast the grand-children.
Thats the great thing about the upholstery trade. There ain't no "family fortune" for the kids to piss off.
"Perfection is the greatest enemy of profitability" - Mark Cuban

Mike

Quote from: kodydog on June 14, 2016, 01:52:17 am
I honestly cannot imaging working for my father. We would have been at each others throats.

I didn't go to colledge or the military like my dad did I was extra help at my dads company and on Friday I got my paycheck last and was last in line after 10 others and somtime my check didn't clear at his bank whe I finnaly got there to cash it. after my dad was paralyzed he started sewing repairing boat canvas that's how I got into it (told  the long version b4) so im kinda second gen. although the business didn't take off till me. (TOOT TOOT)