The company my dad started has always been a part of my life as he started The EO Johnson Company the year I was born. All those years growing up I never thought that one day I would take his place and be a second generation business owner.
The whole topic of second generation businesses is interesting, and the statistics can be a bit frightening:
What do I (and I am sure other second generation business owners) think about when it comes to our parent’s legacy and the businesses they created? Here are a few of my thoughts.
My dad, Emery O. (E.O.) Johnson, was an amazing man. As I was growing up he was simply my dad, a terrific father who went to work in the morning and came home to his family at night.
At some point in my young adult years I started seeing him as the extrodinary business man he was. It was a real priviledge to see both sides – to learn from the businessman while loving the family man.
I wasn’t groomed for the business nor was there ever any pressure on me by my dad to stay in my hometown and work for his business. I believe that is one of the characteristics of a successful transition to second generation business success.
I’ve witnessed it first hand and have seen it in other businesses – where children work outside the family business before joining it the chance of second generation success is greater. And, once they join the business the children work in a variety of jobs to really learn the business from the ground up.
That is my story at EO Johnson. I was making a career in business insurance far away from my hometown when one day my dad asked for my expertise in starting a new department in his business.
Once in the company, I did the job he asked and then started doing other jobs in different parts of the overall operation.
I loved it, and before I knew it I was moving up the management ladder and internalizing that same passion my dad had for The EO Johnson Company.
I don’t know if anything can really prepare you for the day you become CEO of the company your parent built.
Although I knew the management team my dad had in place very well, I was uncertain as to how they expected me to lead. Were they expecting me to be a mini E.O. and lead like he did?
It didn’t take long for the message to get through to me that they wanted ME, not a mini version of my father.
They wanted what I brought to the table and what I had learned inside and outside the company. And they were ready and willing to be a true team and walk with me in leadership.
There are two other points I find true in second generation business successes:
Family businesses generate over 50 percent of the US Gross National Product (GNP). That means family owned businesses touch a lot of people, and the topic of second generation family business success/failure is an important one.
For me it is not only very important but personal, and I count leading the company my father created as one of my greatest blessings.