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My father is retiring and employees are leaving .. how?

My dad is nearing retirement and he has been running a successful small business for ~20 years. He has had issues of employees leaving the company to work for competitors or even starting their own and its also been a rough few years so he is a little wary of training someone up from scratch.

So the obvious things he would want to accomplish are:

Align employee goals with the companies so they are compensated for increasing profits

sourcing is too unique a problem to ask for much help but we'll have to manage

Long-term partnership. My dad has considered selling off 50% of the company as a solution.

Industry - B2C, high volume/ low profit (intrinsic), very competitive, struggling technologically with big players, future is uncertain, heavy government regulation and pressure

This was nice to write out even if there are no responses. I respect my dad a lot since he immigrated 25 yeas ago and has managed to become the ultimate entrepreneur. Always investing and experimenting with different businesses / revenue streams. Took me until I was 22 to realise that the entrepreneur buzzword was basically my dad.

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Best Answer

Sounds like you've got a fundamental problem with employee retention, that's a bigger issue than IP theft. Why are employees leaving so often? Fix that and you've got two birds stoned at once. --- Well you just hit the nail on the head. I think it’s possibly the low pay. That’s a simple but complicated issue to have.

Other points

i dont really have any guidance above what you've identified. i would say though that if your dad is always investing and experimenting with different businesses and has made such a success ( he sounds awesome by the way ) he probably doesnt need to worry about these people setting up copies - he has the experience, contact and smarts and sounds really driven. --- Yeah you’re right. He does have valuable connections and experience that can’t be replicated. That does give me some comfort (although he can’t always be super involved in the business)

High volume, low margin. Can you automate alot of the business? Tech seldom leaves for other jobs.

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May 16, 2020 at 3:02:57 PM

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