Longevity and the Family Business: Tricky Transitions

Keeping a family business going from generation to generation can be tricky, especially when you don't know whether the next generation will want to take over or not.

Chris Petrick, CEO of Bretford Manufacturing, does not know yet whether any of his three children will be interested in running the company because the eldest is just a freshman in high school. Chris and two brothers and a cousin are still managing the transition in control of the company from his father, David, and an uncle. They just completed the purchase of the company from their elders.

Cousin Matt, 44, is the director of product development and management. Chris’ younger brother Tad, 43, is director of design. Brother Joel is an owner but is not involved in management. They have two outside directors on their board to create balance. “They provide a nice, neutral ground when my dad and I aren’t seeing eye-to-eye on things,” Petrick says.

Altogether, there are seven children in the next generation, Generation Four. Chris’ kids know that his company makes some of the things they see at school and have even helped him to develop new products for charging, syncing and securing mobile devices in schools.

“Wouldn’t it be cool, Dad, if you had plugs in a couch and you could just plug in?” they asked one day. In fact, couches with recharging plugs have emerged as one of the company’s most popular product lines. When the time comes, he plans to ask his children, “What do you want to do? Who do you want to be? If that means working at Bretford, that’s great. If not, you’ve got to have another plan.”

He clearly agonizes about the transition, because with so many family members involved, “It gets messier and messier. There are parts of me thinking maybe this is the last generation.” Still, he has hope. He doesn’t want the third generation to fail.


MORE LIKE THIS

  • Get the CEO Briefing

    Sign up today to get weekly access to the latest issues affecting CEOs in every industry
  • upcoming events

    Roundtable

    Strategic Planning Workshop

    1:00 - 5:00 pm

    Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process

    Executives expressed frustration with their current strategic planning process. Issues include:

    1. Lack of systematic approach (70%)
    2. Laundry lists without prioritization (68%)
    3. Decisions based on personalities rather than facts and information (65%)

     

    Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns.  They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning.  Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process.  This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented.  If you are ready for a Strategic Planning tune-up, select this workshop in your registration form.  The additional fee of $695 will be added to your total.

    To sign up, select this option in your registration form. Additional fee of $695 will be added to your total.

    New York, NY: ​​​Chief Executive's Corporate Citizenship Awards 2017

    Women in Leadership Seminar and Peer Discussion

    2:00 - 5:00 pm

    Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations. 

    Limited space available.

    To sign up, select this option in your registration form. Additional fee of $495 will be added to your total.

    Golf Outing

    10:30 - 5:00 pm
    General’s Retreat at Hermitage Golf Course
    Sponsored by UBS

    General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.

    The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.

    To sign up, select this option in your registration form. Additional fee of $295 will be added to your total.