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哦,我就是喜欢这个房子,” Emily (her real name) said as she was checking out. “It’s a shame it’s fallen into such disrepair. We have so many memories over the years, but we can’t stay here next time we’re at the beach.”

Emily loves going to Seaside, a wonderful community on 30A in the Florida panhandle. Her family has been going there since her children were young. 在过去的几年里, she and her husband Jim (his real name) have rented the same charming, one-bedroom cottage named Blue Water (not its real name).

蓝水公司建于90年代早期, and as anyone who knows beach living knows, 海滩小屋不容易老化. An owner of a beachside property must be vigilant and consistent to ensure the property stays in Grade A condition.

在她去蓝水的春季旅行中, Emily noticed the house was slipping into disrepair, so she thought the owner might consider selling it. When she checked in for her recent summer visit, Emily asked the rental company manager if the house would ever be for sale. “我怀疑他会想卖掉它出租经理对艾米丽说,the owner just inherited it from his father and likes the regular rental income.”

Unless Blue Water’s owner invests capital to improve his cottage, he’ll start to lose rental income from renters like Jim and Emily. 当然, the cottage is not likely to go to zero revenue anytime soon. There will always be demand for beach properties, even those in lousy condition. But the cottage will generate substantially less revenue in its present condition than it could if it was upgraded.

这回避了问题, why won’t the owner invest money to improve the cottage and generate higher rental income? 很可能是两种情况之一, either he simply doesn’t have the capital to invest, or he is complacent (or risk-averse) and happy with the lower income.

As Emily and Jim (me) were lamenting the need for a different cottage on our next trip, I told her this is not an uncommon situation. 就像蓝水一样, this usually happens when the business is handed down from one generation to the next. Either the second generation doesn’t have the passion to maintain the business, or they’ve gotten comfortable with the cash flow of the business. 当然, you’d think the natural reaction would be to upgrade the business to keep the cash flow growing, 但请相信我的话, 但情况并非总是如此. 虽然也有例外, it is common for second-generation business owners to simply have less energy or passion for the business handed down from the parents.

So what’s a parent to do to help the second generation stay focused on business viability and growth? What I’ve seen work is for the parent to establish a transition advisory board three to four years before the transition, extending two to three years after the transition. If the business is doing well, the insight of a transition advisory board is all upside. But if the second-generation owner is inclined to rest on their laurels, the transition advisory board might be just what is needed to ensure the asset is not squandered.

Blue Water’s owner, wherever you are, I’m looking at you.


JIM CUMBEE is President of 田纳西河谷集团, Inc. a retainer-based business brokerage and transition mediation firm 在富兰克林,TN. Cumbee is an attorney and has an MBA from Harvard Business School. 吉姆是这本书的作者 韦德体育app官网 Run, A Pro’s Guide to Selling a Business. .  He has a wide range of corporate 和企业家ial experiences that make him one of the most sought-after business transition advisors in the state of Tennessee. 上述原则是正确的, but the names and fact patterns are changed to preserve the parties’ identities.

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吉姆Cumbee established 田纳西河谷集团 to help business owners fulfill their dreams for life after business ownership. It’s a mission that his 30+ year career history had prepared him well for—in addition to being an attorney, 转换中介和业务代理, 吉姆是一个买家, 卖方, 和企业家. His broad range of experience gives him unique insight into how business buyers and 卖方s can achieve their goals.

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