Posted by 2014-05-07 14:50:15
Title: When out is the option but darkness appears... I’ve been a successful restaurateur for the past 9...
Thanks so much for your question which asks about succession planning for your family business as well as deeper concerns about how you will explore, find and land the right next step in your career.
Let’s start with you, since you deciding what you want to do next in your career will make a difference to what happens with the restaurant.
In your question you highlight many talents that you have, from partnership to operations, from success in a tough industry to customer facing relationship building. Aside from owning the restaurant, you can still experience the “moving and shaking” you enjoy about being an entrepreneur. You could start another business or you could seek out an existing firm that has a highly entrepreneurial culture.
Before you take any action to seek out a next step or register for a training course, I highly recommend you take some time to consider the criteria you need to have met with your next move. Challenge Factory calls this the career SweetSpot and it includes your passions, talents, needs (including the soccer games) and market. You can learn more about finding your Sweetspot here: http://www.youtube.com/watch?v=zc113jYT3Es
Jim Stewart, President of ProfitPath, a Toronto-based consulting firm that works with many family businesses takes a practical approach the options you have related to the restaurant. He advises:
"Since your father plans to retire next year and your passion isn’t to continue owning the restaurant you have 3 alternatives. Find someone (maybe other family members) to run it; sell it as a going concern; or close up.
If you don’t want someone else running it, selling offers a better return on 9 years’ work. You might have enough time to get the best price possible if you start work now. Or, just put it up for sale and negotiate the best deal you can get.”
By focusing on what you want and then exploring what to do with the restaurant you will be able to build a plan that sets timelines to the changes for you and your father so you each have time to prepare for what comes next. Best of luck.
Lisa Taylor, President, Challenge Factory Inc