A Parent in the Business
I recently was presented with a situation where a business owner had hired her father in the position of CFO. At the time the father had just retired from another business and had the skill set that was needed in the daughter’s business. The fact that there had been a long-standing negative relationship between the two was pushed aside in an attempt to be expedient, and with the thought that perhaps this might improve the personal relationship between them. As you might imagine, the father had done things his way for years and was not really open to taking orders from his daughter.
So the negative relationship was continuing, now on a business basis as well. When questioned in any fashion the father threatened to retire again, but the daughter still needed the help, so they’d have a discussion and reach what she thought was agreement. But, of course, the father went back to doing things as he saw fit, rather than letting her take the lead. She found this lack of control very draining on her emotionally and physically. But she still needed someone to function as CFO.
After discussing it with me she realized she really needed to find someone who would be willing to work WITH her and follow her lead. Her plan is to bring on a consultant to function as temporary CFO. If he/she works out the person will become permanent. Over the next 30 days she will actively seek a replacement for her father and tell her father that she is accepting his retirement. She expects to get some flack and more negativity, but she has realized that her father will never change (cannot change) and she needs to take back control of her business.
Too often I see business owners putting up with employees, often parents, who are non-productive or counterproductive. Sometimes a work-around can be made. I have one client whose father handed over the business to her but remained in the business. Because he functions mostly as an ambassador he is not blocking productivity. In this case it’s good for the parent and the business, but think long and hard before agreeing to have a family member in your business, especially a parent. Make sure they are not holding you hostage in your own business.
Do you have an interesting story to share about child-parent business relationships?
World’s Best Lobster Salad?
My husband, Marty, is an excellent cook. He does most of the cooking of our evening meals. I usually handle breakfast and lunch when we’re here together. Last weekend he made lobster rolls. OMG, the way he made the lobster salad was so delicious. It’s certainly the best I’d ever eaten, and I’d say could be the best in the world. I’ll share his recipe with you so you can make it yourself. The portions aren’t exact. Use your judgment, but you want at least half of the mixture to be vegetables.
Start with one pound of lobster meat. We buy ours at the Brooklyn Red Hook Lobster Pound. It’s got some mayo already on it, but nothing else. Think of it as a blank canvas.
1 pound lobster meat
2 – 3 scallions, chopped
1/2 sweet red pepper, chopped
1 stalk of celery, chopped
1 tsp. garlic powder
1 tbsp. sweet pickle relish
1/2 – 3/4 cup mayonnaise
Blend together, cover and place in refrigerator for 2 -3 hrs. so the flavors can meld. Spoon into warm soft rolls shaped like hot dog rolls, but have the cut on the top. MMMMMmmmm, good. But they are filling, so plan one at a time.
If you do try it let me know what you think.
P.S. – I know this isn’t about business, but I wanted to share it because it’s so good.
An Afternoon at the Motorcycle Show
If I’m going to a trade show it’s typically something business-related. Recently my husband and I went to the International Motorcycle Show here in NYC because a friend of ours was exhibiting his custom built bike at the show. Brian’s hobby is building custom bikes that are great to ride and have the high-end look and feel of much more expensive bikes.
His goal is to become the go-to guy for great riding bikes that look high-end but cost less than comparable big-builder bikes. He has amassed 3 barns full of cycle parts and has established an online business selling them. Brian is a true entrepreneur with good marketing savvy.
I couldn’t resist sitting on his bike. It was a beauty and has won awards at smaller shows. The only time I ever rode a motorcycle I was a passenger and I remember burning my leg on the exhaust. But it was a fun ride.
Walking the rest of the show revealed a very wide range of options for bikers, with prices ranging from less than $10,000 to over $50,000, at least what I saw. Bikers and would-be bikers of all ages were kicking the tires and trying the seat. Pre-teens and seniors alike were enjoying jumping on and off everything in the showroom. As would be expected, there were lots of riding and biking “accessories” on exhibit as well.
Here’s one of the exotic bikes we saw.
While I didn’t go to the show for business, I did meet a few people who were clearly in need of some marketing help. I left my card and will follow-up.
What I didn’t see was a company that offered bikes for rent, in the same way you can rent or lease a car. Seems like that would be a good option for those who don’t want to make the investment in a bike, but want to ride now and then. That’s an especially attractive option in this economy. Sooner or later someone will latch onto the idea.
For help with branding, revenue generating strategies or just helping you make a critical business decision, I’m always eager to support and guide you. Be in touch anytime.