On the surface, taking over a family business would seem to be a dream scenario. But each time a new generation takes the reins, especially in a well-established operation, there are inherent stresses that come with the job. So far, Patrick and Michael Sheehan have been up to the task.
What kind of stress does the third generation of a family-owned business typically deal with? Patrick Sheehan of Sheehan Brothers Vending sits down with host Bob Tullio in this episode of Automatic Merchandiser’s Vending & OCS Nation. During his many interviews with operators, Tullio has picked up some common examples.
- Will customers be happy to work with the next generation?
- How do we make it a smooth transition?
- As the new leadership, how do I establish authority with my employees (especially those who have been here for many years)?
- How do I ensure continued success? After all these years, I don’t want to be the one who screws things up!
Many successors feel the weight of preserving the family’s legacy. This aspiration can create pressure and lead to decisions rooted in tradition rather than what is best for the business’s future.
It is certainly a great opportunity – stepping into a family business – but it also comes with challenges. After nine years of leadership, Patrick and Michael are taking a well-established company to a new level and are having some fun along the way.
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