It’s not to the point that I can’t sleep, but there’s no plan for succession at The Register.
My three children have chosen education and ministry for their life work. And though they could easily transition into newspapering, none has expressed an interest. Their spouses’ careers also “complicate” the issue.
I don’t begrudge my kids. In fact, I’ve never approached them directly about taking the Register into a fifth generation. Perhaps it’s superstitious, but I fear the hint would somehow doom its chances.
A few generations ago, I expect there was a tacit expectation the next generation would carry on a family’s enterprise. Some children might have seen it as a privilege; others a burden.
In some cases, what provided a comfortable income 50 years ago, is not the case today, and it only makes sense for the next generation to blaze new trails.
It’s easy to let sentiments blur your vision as to your children’s true gifts.
(Note to self: Remind kids how proud you are they have kept in step to the beat of their own drum.)
I’m in familiar company. A lot of small town proprietors work long past typical retirement age simply because they can’t find someone to carry on the business even though it continues to prosper.
To the rescue is a program nicknamed RedTire, short for Redefining Retirement, operated by KU’s school of business.
The program works to match qualified graduates looking to own a business with those looking to retire. It is specific to small, rural towns.
Other perks include help with negotiating the purchase price and getting a business loan. Once the purchase is complete, the program keeps tabs on the new owners and helps them, in fact, grow the business.
In Junction City, the RedTire program helped a veterinarian find a buyer for his animal clinic.
It’s estimated 13,000 businesses in Kansas have owners who plan to retire in five years with no successor in sight, according to the business school.
Representatives of the RedTire program are on the road to pitch the program.
My bet is they would get a good showing in these parts.
