For years Charles dreamed of working side by side with his son, James, in the family business, a thriving manufacturing company that his father had founded and he had grown. Since James joined the business straight out of college, both men assumed he would eventually take over. But things hadn’t turned out the way the patriarch hoped. Eager to demonstrate his value to the business, James asked for, and was given, responsibility for growing new lines of business. Initiative after initiative either failed or underwhelmed, but Charles wrote them off as valuable learning experiences. Now he had a bigger problem. Longtime trusted employees working in James’s group were handing in their resignations. Charles feared that James was never going to be able to lead this business — and worse, that he was damaging it beyond repair. The question that loomed in his mind: Should I fire my own son?
When Should You Fire Your Child from the Family Business?
Four questions to ask before you make a painful decision.
July 24, 2019
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Summary.
Choosing to fire your child can be one of the most difficult decisions you can make as a leader of a family business, and the consequences will be enduring, no matter how it’s done. To ward against making decisions you may regret later (personally and professionally), think deeply about what is driving your instinct to fire, what your options are for addressing the situation, and what the future would look like if you took that step. Work sequentially through four questions about goals, cultural fit, role fit, and your intent. Approaching this emotional decision with a structured, logical approach can lead you to a path forward that works for you, your child, and your business.