From starting this business to bringing it to a place of sustainable success, my focus was on keeping it moving forward for a long time. Eventually, though, as I saw the interest my son was taking in it and his potential to do amazing things with it, I realized something: The hard work I had put in to create a great business and a great place to work was unfolding as a legacy I was building for the next generation. Planning for the future is a huge priority of mine, now. Here’s why.
A Change in Priorities
As my business has grown and evolved, my goals and priorities for it have as well. When I was just getting started, I just wanted the company to be successful and pay the bills, employees, and myself. Over time, my idea of success changed. Instead of just using the equipment we needed to get by and get the job done, I started investing in the best available options out there. That was a measure of success to me back then.
Years passed, and my priorities shifted as the business took off. I wanted to take care of our clients even better than we had before. I learned the importance of creating a great work culture and investing in your people, and I put more energy into that aspect of owning a business. Giving my employees opportunities for the best training possible and providing my dispatchers with top-of-the-line tools to do their jobs efficiently became a much greater focus.
Building a Legacy
As I was working to create a successful business, my children were growing up, too. It became clear that my son wanted to have a place in the future of the business and eventually take it over. It wasn’t until I took over sole ownership last year that I had control over the business’s legacy. When that became my full responsibility, I knew I needed to make decisions to support a prosperous future for my son.
To be honest, not long before I became the sole owner of my business, I was trying to remove myself from it. But that clearly didn’t happen! In fact, I took over 100% ownership of my business because my son asked me to. We knew that without me, the business would probably not survive.
So, we entered into an agreement that I would take it over for him. Don’t get me wrong: I love my company and this industry. My employees are excellent, and we have a great team culture now. But ultimately, my decision to stay and become sole owner because I wanted to make sure my son can take over the business.
Now, as we’re building his legacy together, I work with my son to make him part of important decisions. I ask him for his opinion and what he wants to do. We have different visions for the business, but we work really well together and can talk things through. We understand each other, and we respect each other, and we’re able to compromise. If we try one thing and it doesn’t work, we’ll pivot. There’s never, “You’re right.” or “You’re wrong.” scenario. We support each other.
Truthfully, the hardest thing about working together is that we don’t want our relationship to just be about work. So we put a lot of effort into creating time to do things as mother and son with our family, and that’s beneficial for us both!
Planning for the Future
Choosing the right people to work with is more important than ever to me. Not only do I want my team to be part of a positive and productive environment here at work, but because I want my son to be surrounded by good people in the future when I’m not here. At the same time, I want my employees to be confident when I step back and my son steps into a bigger role. I want them to see that we’re taking planning for the future seriously so that when leadership eventually changes, everyone feels good about it.
I’m really proud of how much my son has already stepped up and shown his chops. He’s taken on roles he hasn’t in the past, and he does well. We all know success comes with stress, and right now, I’m trying to help him figure out which stresses are unavoidable and which ones he can eliminate. He doesn’t have to do things the way I do, and maybe he’ll choose different paths to create balance for himself.
By the time my son does take over, I want him to be sure of himself. I want him to have absolute faith in our team and know that he can accomplish what he wants. Even though owning a business, especially in this industry, can be stressful, it’s also very rewarding. I’m so excited to see what’s ahead for him, and I know he’s capable of absolutely rocking it.
A Legacy to be Proud of
Working at something and watching it grow is incredible. And even though the past year had its challenges, it’s been great. Our company culture has changed and developed into a positive and healthy one. I’m proud to be part of it, and my son sees and knows how essential it is to create a good place to work. He saw how things were in the past, and he’s taken on the responsibility of helping to make it better.
Of course, I’ll always worry and wonder if I’m doing things the right way. Am I setting the right example? Am I paving the right paths for my son? Succession planning has been a focus of mine lately, and it’s something we talk about often. From tax ramifications to transition planning, I’m trying to do everything in the most positive, effective, and beneficial manner I can for him.
Parting Thoughts
I couldn’t be more proud of how far my business has come, and the future I know is ahead in my son’s hands. There’s new meaning in my work, knowing that my son will eventually take over the business I’ve put so much into over the years!
Do you have a family business? Is there a legacy you’re building for your children or family? Tell me how you’re planning for the future! Send me an email at michelle@michellesukow.com or tag me on social media.