Hi, I'm Gerard.I am the Best Selling author of Secrets To Succession and CEO of a multi-million dollar restoration company.
After my father and I dodged the grim statistics of transitioning a family business, I asked myself why only 30 percent of businesses successfully transition into the second generation, when 90 percent of businesses in America are family-run. I hope my in-depth experience with the complete succession process can help you continue your family legacy.
In 2009, while we were still in the midst of our own family business transition, I said to myself that this would be a great topic to write a book on, one that would shed light on the real challenges that family businesses face during a transition.
Perhaps if there was more resources and content available to help the everyday family business, transition success rates could improve. As it is estimated that 70 percent of businesses fail in transitioning ownership to its second generation and only about 10 percent make it to the third.
10 years later, and countless twists and turns along the way, this is the result, a book that provides guidance and candid insights into the realities of family business succession.
My intention was to write a guide of sorts that others could reference for information on what to expect, how to plan, and how to navigate through the most common challenges facing family businesses during the transition.
I wanted to share a unique perspective on the subject…
That of a child who has the mantle passed down to him by his father, and one that offers something for both a current business owner and his successor. Taking both generations viewpoints into account and finding the common ground to build on.
And so, I have taken my lifelong experience in our family business and the knowledge gained from over $100,000 we spent in fees and costs during our own transition to compose “Secrets To Succession”
And so, this book is for the everyday family business, speaking directly to the owner operators who may be at odds in figuring out where to start, what’s involved, and what to expect.
The content and strategies described in the book are blended with my own real-life experience, our challenges, failures, our successes. I know that by sharing my story and the scenarios we encountered will resonate with every family business no matter how big or small.
What does your company do?:
My business helps those in need during times of unfortunate events such as floods and fire damage.
How old were you when you started working there?:
13. For 20 years I worked my way through every position in the company from sweeping the floors and taking out garbage to managing projects to running everything behind the scenes.
What advice do you have for family businesses?:
When beginning a succession plan, you have to treat the topics of family relations, governance, and leadership with the attention they require. Succession tests a family’s abiliity to work together, if the family breaks apart, theres no family business to transition. You can read more in the book.
How is the relationship between you and your dad now?:
As with most family business transitions, we experienced challenges that pushed our relationship to near breaking point. The relationship between us now is great. He spends most of his time fishing, golfing, traveling, relaxing and enjoys hearing stories about my current endeavors with the business.
What resources do you recommend for family business succession?
Here are my top 10 family business succession books.
How old were you when you took over the business?:
Where do you live?: