Following in huge footsteps - family-business successors

Nation's Business, Nov, 1991 by John L. Ward, Craig E. Aronoff

"If I'M successful, I'm a 'chip off the old block' and someone who had all the breaks. If I'm not successful, I'm a discredit to my family." Those are the feelings of many family-business successors. "This is a no-win situation," they conclude.

Following in the footsteps of a parent who is a successful entrepreneur is a special challenge. Described as creative, resourceful, powerful, and a genius, the parent is a hero, revered and omnipresent in the business he or she founded.

Many employees, some customers, and others will remind the successor, "I am what I am because of your dad." Many, businesses contain a "Wall of Fame," covered with pictures of the entrepreneur with famous people. framed magazine and newspaper stories, and awards and plaques--all reminding everyone of the founder's accomplishment. The founder's image permeates not only the business but also the family, the industry, and the community. Moreover, members of each group have expectations about the heir's ability to live up to that image.

Despite this frightening prospect, many young people follow in their parents' vocational footsteps, whether the career choice involves medicine, the arts, politics, or running the family business.

When a child follows a very successful parent's path, a number of emotional dilemmas commonly arise: How do you make your own mark in the land of a legend? How do you create your own identity while still honoring the tradition of your parent? How do you adjust to the pressures of instant notoriety, visibility, and high public expectations? How can you please that parent, who will have such high standards for you? How much competition and jealousy exist between a great person and his or her successor?

Some deal with these dilemmas with a sense of humor. After losing a big car race to his father, Al Unser Jr. said, "Dad taught me everything I know. Unfortunately, he didn't teach me everything he knows." When asked what it's like to be followed by a big crowd at a golf tournament because of his famous father's reputation, Jack Nicklaus II commented: "It's nice to have so many people watching; they can help me find my ball."

Tips For Successors: In addition to maintaining their humor; successors to exceptional parents will find these ideas useful:

* Know yourself. More than 20 years before his death, Malcom Forbes Sr. told Malcolm Jr.: "I have my own way of doing things, and in time, you will develop yours. Don't try to be what you are not."

The strongest advice we've heard from successful successors is to examine your strengths, be yourself, and be comfortable with your personal expectations. We know many who chose a role other than presidency of the business for just this reason.

Sometimes vocational testing can clarify personal understanding. Mentors in the business or on its board can offer you valuable feedback or insight. Work experience outside the family business offers ways to discover your strengths and weaknesses, likes and dislikes.

* Create your own identity. By using your strengths and following your interests, carve your own niche in the business. Your unique characteristics will lead you to areas where your parent-founder is not so active or expert.

For example, computers have been called "the successor's best friend." By championing and introducing computers, many members of the younger generation have contributed something needed in the business but something that their parents, who did not grow up with computers, shied away from. Look for roles in departments or offices that are distant from day-to-day parental impact but that permit you to add valua to the business.

* Strengthen your ego. There is no substitute for experiencing your own successes and the consequences of your own mistakes. In addition to working elsewhere, you can gain important experience from active roles in community-service groups, industry associations, and other organizations. Past successes in school, possible in sports or other activities, are valuable too.

Tips For Parents: The successors we know who have built their self-awareness, personal identity, and self-confidence all give tremendour credit to their parents. They know these strengths are mostly developed at home. Parents can reinforce this foundation in several ways:

* Make it clear that while your child is welcome to find vocational fulfillment in the family business, you will support any positive career choice.

* Outline a realistic career path once the potential successor has joined the business, including expressing an intent to turn over leadership at a specified time.

* Outline a realistic career path once the potential successor has joined the business, including expressing an intent to turn over leadership at a specified time.

* Allow opportunities for the successor to make his or her own contribution. Let others supervise your child.

* Most important of all, establish the principle of merit in the business. Emphasize that the integrity of the business requires that promotions and job responsibilities be earned. Faithfully following the principle gives the organization and the successor their just due.