I applaud Jay Goltz’s article, “Is My Family Business Going to Be an Orphan?”  Age 56 is a great time to address and explore the options for a transition plan.  And the coincidental timing of family events- college graduation and new babies stimulated the thought process even further.

Jay states, “While I have been fighting the epic battle of trying to balance the needs of the business and the needs of my family for 34 years, this choice will not be part of that battle.”  I would suggest that this choice will actually be the denouement of that epic battle. I would also suggest that Step 1 really needs to be for Jay to consider his goals, needs and desires. At age 56 it is not necessary to cast these in cement, but it does suggest considering questions like:

• How do I want to spend the next phase of my life?
• What business related activities do I wish to undertake?
• Am I the consummate entrepreneur or is it time to play more?
• Or is my office actually my playroom (and that’s ok)?
• Am I in sync with my partner/spouse?
• And, of course, the question Jay did address, “If I were hit by a truck tomorrow, what would happen?”

The presence of spouses at a family meeting such as this is worthy of further discussion.  With the incidence of divorce at 50%, many family enterprise senior generation leaders prefer to hold intimate discussions with only their children.  For others, spouses are considered equal to the children and would always be included.  As Jay does assert, one size does not fit all.

Kudos to Jay for inviting his sons to share their desires, concerns and expectations.  At this point in time it’s all about listening to one another.

So what is Jay’s next step?  I suspect he will not fall into the pit of many others of resisting further discussion because the plot is thickening.  Rather, I suspect he will have a follow up meeting and I hope the agenda will include some detail on Step 1 above as well as giving thought to how he might help his sons meet their desires. Many enterprising families create joint ventures or even mini-family banks to help offspring launch their dreams and still have a connection to others in the family.  Complex?  Sure.  But for the consummate entrepreneur that’s not too difficult.