On Sun, 07 Oct 2007 06:43:27 -0500, "*" wrote:



Wes wrote in article
...
F. George McDuffee wrote:

Topp's age is given as 67 in the article, thus it existed between
two and three times the normal/average corporate life span.

Up until 2003 if was a family held business and not a 'corporate' entity.
If
the owners that know the business are on site keeping an eye on things it
is
amazing how things that may get blown off in the corporate world are
addressed immediately.

I wonder if they sold because no one in the family wanted to take over
the
reins? That seems like a common problem with family businesses.


Another common problem these days is that the Old Man knows that Junior
will simply **** away the company's equity, and selling out is the ONLY way
to guarantee the financing of the Old Man's retirement to any degree of
certainty.

The first generation usually builds the business while the second
generation destroys it......



The way I see it, the first generation starts the business. The second
generation builds the business, and the third generation fritters it
away.

The first generation has the idea and makes a living from it. The
second generation, with the advantage of Dad's help makes a killing on
it, and the third generation, with the curse of family wealth, and
never having had to DO anything, parties it all away.

--
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