Keeping all options on the table
We worked with a second generation retail client. The aunt that contacted us had run a small retail business for her entire career and was approaching retirement. The business had achieved a steady turnover and a good income for the family. However, the retail environment had changed significantly during this time and the business had not taken steps to adapt to the changing market. A member of the third generation was working in the business and was expecting to take over on the retirement of his aunt. The family were relatively close but struggled to talk honestly to one another about their thoughts and feelings. Communication had reached an all-time low, particularly between aunt and nephew.
When the aunt contacted us she was concerned about the ability of her nephew to take over the business. She also felt that the pool of next generation talent was such that it may be possible to appoint a suitable successor to take the business forward.
We carried out one to one discussions with each of the key family members, including some potential successors from the third generation. The discussions prompted the nephew to consider his next steps and he came to the conclusion that running the business was not really what he wanted to do with his life and he wanted to pursue a completely different career and to move cities.
Ultimately the retail business closed on the retirement of the aunt. The family had between them built a property portfolio which continued to be rented out and the retail premises were added to the portfolio. The one to one discussions had enabled the family members to explore their own feelings in a safe environment and to take steps to build the lives they each wanted. The nephew was able to amicably exit the business and was free to pursue his dream.