On Oct 7, 6:43 am, "*" 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......- Hide quoted text -

- Show quoted text -

I remember reading somewhere that over 90% of private businesses don't
survive the transfer over to the second generation.

They die for many reasons...one is that the first generation doesn't
prepare the second generation for the reins of ownership.

I have seen that problem in many of the smaller businesses that I have
watched die over the years.

And many times the original owner doesn't want to let go...the kids
take the hint and vote with their feet.

TMT