Is Your Teen Ready To Take Over?
Companies like Forbes and Wendy’s for example were taken over by the children of the original entrepreneurs. Before this happened, there was probably an ongoing discussion with the CEO candidate about the expectations and the direction the current CEO and board wanted the company to go in. The same concept applies to you (the board), and your teen (the new CEO). Do you think your teen is ready for the take over?
Companies like the above mentioned plan way in advance the candidates that will prove the best asset to the company. They are looking for young, energetic, possibly conservative (depending on the company) people, but definitely someone who will be able to produce results. The bottom line comes to the dollars and cents of it. Can the person make the company successful? Can your teen make the company successful? Does your teen have what it takes in terms of smarts, work ethic and drive? Have they had enough field experience to make good decisions in challenging situations that would put the company ahead of its competitors?
As parents, you can forget that you are raising someone to take over the company rather than be indefinitely supported by it. If you don’t begin to psychologically prepare yourself for their desired autonomy when they are very young, it will be difficult for you to accept it when you have the shadow of an adult standing before you. Remember, every CEO was once a teen and somewhere someone gave young and inexperienced people like Steve Jobs, the CEO of Apple a chance, and look what he did with it? Ask yourself if you would be more open to giving your teen these responsibilities if you knew Jim Skinner the CEO of McDonald’s or Phillip Night the CEO of Nike was hiring them instead of you? Would you think they should have the field experience then?
Your teen is preparing to become CEO of the most important business they will ever own, themselves. Help them maximize the profits and strengthen the company from the inside out with the experience they gain under your guidance. Help them understand that you are hopefully giving them the company at maximum stock holdings and price; and that although you will always own a share in the company that you no longer have enough shares to make major decisions, you serve only as consultant. They, are officially in charge.
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