Before you plan where you are going, it’s really important to understand where you are. The rising gen may have grown up in the business, but do they know where it all started? How it got to where it is today?

In our case story, Jill and Michael hit on some of these key questions as they create a shared understanding of their family business.

Director's Voice

Michael, do you have a moment for a couple of questions?

Michael

Sure, what do you want to ask?

Director's Voice

How's Jill's project going? I hear that not everybody around is crazy about it. Is that a problem?

Michael

We're working our way through it. She’s the one driving the process, I’m just here to lend a hand. But this isn't going anywhere without all the stakeholders signing on.

Director's Voice

And is that going to happen?

Michael

That's the idea. Oh, there she is.

Jill

Hi dad.

Michael

So, how's it going with Ross? You two working your way through your idea - getting some plans together?

Jill

We are. It’s hard work. It’s very hard work. Do you have a bit of time for me?

Michael

Of course.

Jill

Ok. You’ve created a business. You’ve been in the business for many years. And, well, I've only seen it as a success. Was it really hard, in the beginning?

Michael

Hey, I started from scratch. Not a penny to my name.

Jill

Come on, Dad. Be serious - you had help from your dad - you've told me that before.

Michael

Ok, but in truth, starting out was rough. You don't know the future, you're not sure of yourself and it's hard, really hard to ask for help.

Jill

And did you ask?

Michael

Not enough. If I had to do it over again, I’d ask for more guidance. I would asked my Uncle Jim to coach me. He was a great businessman and we got along. It was a missed opportunity. I might have had fewer sleepless nights.

Jill

Tell me about it. I lie in bed at 3:00 in the morning with spread sheets in my head.

Michael

On that note, is there anybody you can think of who can help you work through this – if only as a coach?

Jill

Aunt Nathalie. She’s a great lawyer, she has experience in the business, and we get along really well. And I think she would like the idea of us selling ecofriendly cars. Especially, she drives a hybrid, so – but the question is, do you think she'd be interested?

Michael

Only one way to find out. And remember you can turn to somebody outside the family.

Jill

Thanks Dad.

I have to say, I'm worried. Worried I'll fail, worried I'll lose my money, Ross's money, your money. I’m worried that everyone will think I'm the biggest loser and that I don't deserve this opportunity and that I blew it.

Michael

Sweetheart, you're already ahead of where I was. You've got Ross, who's a solid guy. You're asking him for help, you’re asking me for help. You're smart, you're not spoiled and being worried isn't the worst thing. I’d be worried if you weren't worried.

Jill

Alright, thanks Dad.

Michael

And remember, businesses don't start making money right away. You start turning a profit within a couple years and we'll all be more than satisfied.

Jill

Great.

Director's Voice

Hey Jill, you look a little emotional.

Jill

I had a big talk with my Dad. And well, I'm worried, to be honest. But we've agreed to start small and with just a few cars, which allows us to make mistakes – hopefully not - without bringing down the family business.

Director's Voice

That's good.

Jill

Yes, that’s very good. And one day, I'll have a real night's sleep.