When my father, Christopher Snider, and I purchased Exit Planning Institute in 2012, we set up the purchase so that I owned 49% of the company, and he owned 51%. It was important to both of us that we were as equal as possible while still having a majority owner. We didn't want to view each other as anything other than equals. I wasn't inheriting anything. Rather, we were purchasing a business we intended to grow together.
The far too common scenario is this: It's time for Junior to graduate to the chief executive role from whatever he was doing in the company beforehand. He knows the product but doesn't know how to run a business. The transition is rocky, making for a rocky relationship with Senior, who just dipped into retirement. Junior is upset that he wasn't prepared properly to run the business. Senior is upset that he's still coming into the office rather than taking that European river cruise he's planned for.
That's why we practice being a good team together. And that practice doesn't always make perfect, but it does create room for improvement and a stronger bond between us. Through our shared experiences and collective learning, we aim to navigate the complexities of business dynamics as a family, ensuring we stay connected on both personal and professional fronts.
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