Treating Team Like Family

I have the good fortune of working directly with many smart, accomplished business owners. One of the most satisfying but also bittersweet events in the life cycle of our professional relationship is the successful sale of a family business. Satisfying because we can help a client (who has almost always become a friend) move on to new opportunities with great financial security. Bittersweet because it means our day-to-day interactions will likely be less frequent.

Two weeks ago, I was very pleased to participate in the closing of a multimillion-dollar sale on behalf of a long-time client. This client had purchased a manufacturing business started by his parents and, over 20 years, nurtured it and grew it. The sale was certainly a personal success for him. However, what is perhaps most impressive is the fact that we almost completed a sale last fall for an even larger amount. Why didn't we? Because my client became concerned that the prospective purchaser would not treat his employees with the level of care and attention he wanted them to enjoy. Knowing full well that it might cost him millions of dollars, he walked away, confident that he could find a prospective buyer who would be a better fit, even if it meant a lower sale price. And now, with the sale “in the books,” he is more than content with his decision.

Time and again I see successful business owners making decisions motivated first and foremost by what's best for their employees -- not by what's best for the bottom line or for their personal gain. Helping them chart that course and find the solution that works best for them is a true privilege.