FC NOW: The Fast Company Weblog
July 29, 2005
Sorry, Dad.
Lachlan Murdoch threw a monkey wrench into dad Rupert's succession plans by announcing that he's resigning as deputy chief operating officer of News Corp so he can spend more time with his family in Australia.
Aside from the revelation that there's actually a human side to the Murdoch clan, what's your take on sons (or daughters) taking over the family business? What about when they don't want to follow in their parents' footsteps? Any sons, daughters, dads, or moms out there in the latter situation?
Posted by Michael Prospero at July 29, 2005 10:47 AM | Category: news + current events |
7 Comments
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Michael- This is a very interesting topic. My parents have been running a jewelry and coin store that my father started when he was about 20. Both did not get a college degree (my dad went to college for around 8 months before dropping out to start the business) and have been very successful in what they do. However, it is what they do, not what my brothers and I want to do and they respect that. My dad realizes that it was his dream and his passion, unfortunatly, it just wasn't passed on to us as much as he loved it. Yet he is supportive in all that we do, especially my entrepreneurial ways somewhat following in his footsteps by doing my own thing. So since they ran the business themselves and have no other employees, they will be closing up shop and retiring in March of 2007. Sometimes it is sad to think about the business closing down but there is so many different things to learn to be in the industry that you would have to start young like my father did learning everything, but my brothers and I have passed that point. So it will be sad to see it go, but I know that my parents have enjoyed the great memories and times that it has given them as well as the financial freedom that it has supplied. They will be happy, so I guess I will be happy then!
This also hit hard for two reasons: he resigned, and moved back to AUS. My family has intensive industrial and real estate holdings, but my dad decided to join the Royal Army, and did not return to running the family businesses until he was 45. In this generation, my older brother and I came to the US over 27 years ago and are both business owners, with around 175 employees (111, 64) employees between us and would, likely never go back to Great Britain, despite his exhortations over the past few years.
What do you do?
Yes - interesting... I am 4th generation in our family business with a brother and a cousin here as well. I am full time for the last 12 years, with the other 2 just coming on in the last 6 months. I also have a brother who has no interest in the bus as well as 2 cousins who don't want to either...
I also want to spend sone more time with my parents.for last two years i livein my hostel in another city.Now i want to stay with my mom dad.I really missed them.
I have been in the family business for 2 solid years now with my brother joining me a year ago. We both worked for the company prior to coming here full time. Our father and Uncle own the business with my Grandfather and his brother starting it in 1966. We, unlike most, seem to work well together for the most part. Nobody likes to think they are wrong and their father is right...but with 30 years of experience under his built, you can't help but listen. Just work together for the better of the company, not for personal gain.
This is interesting in the sense that it goes back into the age old debate of what is more satisfying, being your own boss or somebody else's employee. I come from a family where my dad who worked in the corporate worl decided to leave it all and start something himself. He actually left the airconditioning business to start a liquor distribution operation and later ventured into hospitalit, IT, venture capital ,etc. I decided to not join the family business and stuck my neck into the corporate world with the intention of doing something of 'my own later'. My brother left his corporate job and started his own business to later join the corporate world back. I am conscious of the forces of inspiration, but I often wonder what it truly is to join a family business and the associated pressures. Societal pressures I mean, especially since I come from the Indian society.
Nepotism doesn't belong at a public company.