The Successor

Henry Jackson eagerly awaited the arrival of his son, James, who was returning home after graduating with a master’s degree in business administration. The large wooden door to his office flung open as a smile appeared across Henry’s face upon seeing the successor to his fifty-year-old watch manufacturing business.

Henry straightened his tailored suit and welcomed his son with a confident handshake instead of a hug — because, in business, all personal relationships must be left outside the workplace. It was a lesson Henry had learned from his father when he first joined the watchmaking business at the age of sixteen.

“I’m so happy you’re back,” Henry said as he began to walk to the newly-renovated office for James, carrying a small gift-wrapped box. “There’s a surprise—.”

“Dad, I have some big news to share with you,” James interrupted his father as he excitedly pulled out an envelope.

Henry looked at him, confused. “What’s this?”

“Open it,” James replied. “You’re going to be very proud of me.”

Slowly, Henry opened the envelope that held the key to the fate of his company. His face contorted into a frown as he read through James’s job offer letter at a large investment bank in New York City.

“What is this supposed to mean?” Henry asked angrily.

“I got a job in New York, Dad,” James replied excitedly. “Aren’t you happy?”

“Why would you want to work for someone else when you can use all your skills and education to grow our family business?” Henry asked.

“This watchmaking business?” James scoffed. “I have no interest in being a part of this business, Dad. I want to be independent and make something of myself. Besides, wouldn’t it be better for you to just sell this business than worry about it every day at this age?”

“Your grandfather started this business with a dream to build a company that produces premium quality watches,” Henry began. “With a strong sense of purpose and family values, I worked hard with my father to transform this company from nothing to a trusted-brand spanning over five decades and you wish to throw it all away?”

“It’s just something I don’t see myself doing, Dad,” James shrugged. “I’d rather work a nine-to-five job.”

Henry’s heart sank as he dropped the gift-wrapped box to the floor. James stooped down with an intense curiosity and quickly unwrapped the box. Inside, there was a key to his new office.

“What’s this?” James asked.

“Our Legacy,” Henry replied and quietly walked back to his desk, heart-broken.

...

(Story sample from “The Family Business Messenger”, our new book project by Reg Athwal and Aditya Gandhi; available globally on 1st October 2021 with 24 global case studies and stories)

@regathwal

...

One of the biggest struggles faced by family-run businesses in current times is the inability to hand over their legacy to the next generation effectively. With the younger generation inclined to follow a professional route, it has become a challenge for family-run businesses to hand over the reins of the business to the next successor.

At RTS Global Partners and the Family Business Academy, we understand what it takes to build a lasting legacy, with authority gained from advising 178 clients in 25 countries over 20 years, and educating 20,000+ families in business in 65 countries with our online certification programs and private in-person family forums.

To learn more about all our services and solutions, visit www.rtsgp.com and www.familybusiness.academy. To be invited to our next Global Webinar email [email protected].

#familybusiness #familylegacy #article #story #newbook #eo #ypo #hbs #nextgen #regathwal #rtsglobalpartners #familybusinessacademy #advisors #education #ceo